Singapore & New Zealand: APB’s subsidiary sells a retail chain

Singapore-based Asia Pacific Breweries Limited (APB) announced that its wholly owned subsidiary, DB Breweries Limited has entered into an agreement to sell its 100% stake in its franchise retail chain Liquorland Limited to Foodstuffs Liquor New Zealand Limited, the brewer posted on October, 31.

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), APB reported.

04 November, 2008