Print Lab will become an indirect subsidiary of F&N.
Times Publishing Limited, a subsidiary of Fraser and Neave (F&N), has acquired 60% of the issued share capital of printing solutions company Print Lab with an aggregate consideration of $24.5m.
This allows Print Lab to become an indirect subsidiary of F&N. The consideration, of which $24m is payable in cash on completion and $500,000 is payable in cash 12 months from completion, will be funded from internal resources.
Based on the audited financial statements of Print Lab as at 31 December 2018, the net asset value and the net tangible asset attributable to the Sale Shares is approximately $6.35m and $6.35m respectively.
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