It will be buying Penguin's units in Singapore and Malaysia.
Singapore beverage and publishing conglomerate Fraser & Neave is the track to buying the Singapore and Malaysian distribution arms of international book publisher Penguin Random House, a company incorporated in the United Kingdom.
F&N is targeting to buy the two units for $8m, which will be payable in cash and will be funded from internal resources.
After the acquisition, Penguin Singapore and Penguin Malaysia will become indirect wholly-owned subsidiaries of F&N. The two units will also enter into a distribution agreement with Penguin Books Limited, The Random House Group Limited, Dorling Kindersley Limited, and Penguin Random House LLC.
In an announcement, F&N said that as of September 2016, the net asset value attributable to the Penguin Singapore Shares and Penguin Malaysia Shares are approximately $6.99m and $2.96m, respectively
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