31 October 2008 - Pursuant to Rule 704(16)(c) of the Listing Manual of the Singapore Exchange Securities Trading Limited, Asia Pacific Breweries Limited (the "Company") wishes to announce that the Company's wholly owned subsidiary, DB Breweries Limited has entered into an agreement to sell its 100% stake in Liquorland Limited (the "Shares") to Foodstuffs Liquor New Zealand Limited.
The consideration for the sale, reached on a willing seller willing buyer basis, is approximately NZ$4.7 million (amounting to approximately SGD 4.5 million), which has been paid in cash following the execution of the agreement between parties.
The book value of the Shares based on the unaudited accounts of Liquorland Limited as at 30 September 2008 is approximately NZ$ 0.1 million (amounting to approximately SGD 96,150). The net tangible asset value of Liquorland Limited as at 30 September 2008 was approximately NZ$ 0.2 million (amounting to approximately SGD 192,300).
The sale is not expected to have a material impact on the net tangible assets per share or earnings per share of the Company for the current financial year.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the sale.