Singapore / SG. (gar) The Board of Directors of Golden Agri-Resources Limited (GAR) announces that the Company has entered into a conditional sale and purchase agreement dated 17 June with Asia Food + Properties Limited (AFP), pursuant to which the Company has agreed to purchase the entire issued and paid-up share capital of Florentina International Holdings Limited (FIH), from the Seller for a cash consideration of 976’000’000 CNY (115’572’712,52 EUR).
The Board of Directors of GAR announces that the Company has entered into a conditional sale and purchase agreement dated 17 June with AFP, pursuant to which the Company has agreed to purchase the entire issued and paid-up share capital of FIH, from the Seller for a cash consideration of 976’000’000 CNY (115’572’712,52 EUR).
The food business of AFP is operated through FIH and its subsidiaries, which are manufacturers of snack noodles, instant noodles and ice sticks in the People´s Republic of China (PRC). The FIH Group has eight production plants in seven provinces throughout the PRC, with a total of 29 noodle production lines and two ice stick production lines which are capable of manufacturing up to five billion packets of noodles and up to 112 million ice sticks per annum respectively.
The FIH Group also has an extensive distribution network of sales and liaison offices located in the Northern, North-western, North-eastern, Eastern, Central and Southern parts of the PRC. Its products are sold through approximately 26’500 distributors, approximately 4’600 supermarkets and chain stores, approximately 600 hypermarkets, as well as schools, internet cafes and other special outlets.
