Aug 1 - Pursuant to Rule 704(15) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board of Directors of Asia Pacific Breweries Limited (the "Company") wishes to announce that it has on 1 August 2008 completed the acquisition of the remaining 24% stake ("Balance Stake") which the Company does not already own in Asia Pacific Breweries (Aurangabad) Limited ("APBA"), formerly known as Aurangabad Breweries Limited, pursuant to the agreement with Chowgule & Company Private Limited (formerly known as Chowgule & Company Limited) which was the subject of an earlier announcement by the Company on 2 May 2006. With the completion, APBA becomes a wholly owned subsidiary of the Company.
The aggregate investment arrived at on a willing-buyer willing-seller basis, of INR 153,101,518 (amounting to approximately S$ 4,896,945) for the acquisition, will be funded through external borrowings. The Balance Stake as at 30 June 2008 has a negative net asset value of approximately S$2,900,000.
The acquisition is not expected to have any material impact on the consolidated earnings for the current financial year, nor on the net tangible assets of the Company.
None of the directors or substantial shareholders has any interest, direct or indirect in the transaction.