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Acquisition Of Additional 16.5% Equity Interest In A Subsidiary

BackJun 05, 2012
Title
  • Acquisition of additional 16.5% equity interest in a subsidiary
Acquisitions and Disposals
  • Discloseable Transaction
Description Pursuant to Rule 704(17)(d) the Board of Directors of Haw Par Corporation Limited ("the Company" and collectively with its subsidiaries known as "the Group") wishes to announce that its wholly-owned subsidiary, Underwater World Attractions Pte Ltd ("UWA"), had on 1 June 2012 acquired an additional 16.5% of the equity interest or 338,250 shares in Underwater World Pattaya Limited ("UWP")(the "Acquisition"). After the Acquisition, UWA's direct interest in UWP has increased from 83.5% to 100% and the Group's effective equity interest in UWP has increased from 91.6% to 100%. The Acquisition remains subject to certain conditions, including obtaining approval from local authorities.

The total consideration of Thirty Five Million Eight Hundred Fifty Four Thousand and Five Hundred Baht (THB 35,854,500) or, approximately S$1.4 million was arrived at based on the book value of the 16.5% equity interest in UWP of THB 106 Baht per share and had been satisfied in cash, funded from the Group's internal resources.

The Acquisition is not expected to have any material impact on the consolidated earnings per share or consolidated net asset per share of the Group for the financial year ending 31 December 2012.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect in the Acqusition, save for their shareholdings in the Company.