Fraser and Neave’s wholly owned subsidiary Times Publishing said on Wednesday has completed the acquisition of 60 percent of marketing and print services provider Print Lab for S$24.48 million.
The acquisition is part of Times Publishing’s strategy to diversify its business and strengthen its offerings in the integrated marketing and print services market, it said in a filing to SGX after the market close on Wednesday.
“We believe the combined company will position us to compete and serve our local and regional customers across a wide range of marketing and print services by uniting our expertise and infrastructure,” Siew Peng Yim, CEO of Times Publishing, said in the statement.
In a separate filing, Fraser and Neave said Times Publishing entered an agreement for a call option to have the right to acquire the remaining 40 percent of Print Lab from MBRL Capital, while MBRL has a put option giving it the right to require Times Publishing to acquire the stake.
The option price will be determined by the average profitability of Print Lab for the two financial periods ending 30 September 2022 to 30 September 2023, Fraser and Neave said.
Print Lab provides digital services, experiential marketing and interactive media, as well as owning assets such as LED panels and video walls and providing event management services. Print Lab’s clients are broad-based, across retail marketing, fast-moving consumer goods (FMCG), retail, automobile and financial institutions.
Times Publishing is involved in publishing, printing distribution and retail.