SINGAPORE Press Holdings' (SPH) wholly-owned subsidiary, Sphere Exhibits, has purchased 4,000 shares in Beerfest Asia from Timbre Group - representing 40 per cent of the share capital of Beerfest - for a consideration of S$580,000.
Sphere now holds 80 per cent of the share capital of Beerfest, while Timbre has ceased to hold any shares in Beerfest. The remaining 20 per cent is held by individuals.
The consideration was wholly satisfied in cash and funded from SPH's internal resources.
Said SPH on Tuesday: "The acquisition is not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year ending August 31, 2015."