Fraser and Neave said on Monday its wholly owned subsidiary Times Publishing plans to acquire a 60 percent stake in Print Lab for S$23.98 million in cash at the deal’s completion and S$500,000 in cash 12 months later.
Times Publishing believes that Print Lab, which provides printing, events and visual media services, is complementary to Times Publishing’s existing business, Fraser and Neave said in a filing to SGX after the market close on Monday.
After the deal is complete, Print Lab will become an indirect subsidiary of Fraser and Neave, the filing said.
The deal will be funded with internal resources, it said.
As of end-2018, Print Lab’s net asset value and net tangible asset attributable to the sale shares are around S$6.35 million each, the filing said.