Times Publishing of F&N acquires Penguin Singapore and Malaysia for S$8 mil

-A +A

SINGAPORE (Jan 9): Times Publishing, the wholly-owned subsidiary of Fraser and Neave, has agreed to acquire Penguin Random House and Penguin Books Malaysia for an aggregate consideration of S$8 million.

Penguin Singapore and Penguin Malaysia are the local sales and distribution offices of UK-incorporated Penguin Random House in Singapore and Malaysia respectively.

Under the agreement, Penguin Singapore and Penguin Malaysia will be appointed exclusive distributors in Singapore, Malaysia and Brunei for English books published by Penguin Books, The Random House Group, Dorling Kindersley and Penguin Random House and their subsidiaries, among other conditions.

As at Sept 30, the attributable book values of Penguin Singapore and Penguin Malaysia are S$6.99 million and S$2.96 million respectively.

The proposed acquisition and distribution agreement is not expected to have a material effect on the net asset value per share or earnings per share of F&N and its subsidiaries for the current financial year.

Shares of F&N closed flat at S$2.12.