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Acquisition Of 76% Shareholding Interest In Spice Of Asia Co., Ltd. By Food Of Asia Co., Ltd.

Back Oct 03, 2017
Announcement Title Change - Change in Corporate Information
Announcement Subtitle Acquisition of 76% shareholding interest in Spice of Asia Co., Ltd. by Food of Asia Co., Ltd.
Date & Time of Broadcast Oct 3, 2017 18:45
Submitted By Nantika Ninvoraskul
Company Secretary
Description Thai Beverage Public Company Limited ("THBEV") is pleased to announce that our wholly-owned subsidiary, Food of Asia Co., Ltd., has today acquired a 76% shareholding interest in Spice of Asia Co., Ltd. ("Spice of Asia"), a company incorporated in Thailand, from third party vendor (the "Acquisition"). Spice of Asia operates a chain of 10 restaurants under 4 brands, being Cafe Chilli, Chilli Thai Restaurant, Eat Pot and Pot Ministry, serving hotpot and Thai food. Accordingly, Spice of Asia is now an indirect subsidiary of THBEV.

The total cash consideration for the Acquisition is approximately Baht 114.5 million, whereby full payment will be subject to the satisfaction of conditions in the definitive agreements. This figure was arrived at pursuant to negotiations between parties on a willing buyer, willing seller basis, taking into consideration, inter alia, the discounted cash flow analysis, comparable company analysis, management experience of the target business, as well as the potential for growth of the food business in Thailand.

The Acquisition was funded with internally generated cashflow and is not expected to have any material adverse impact on the earnings per share or the net tangible assets per share of THBEV for this current financial year.

To the best knowledge of the directors of THBEV (the "Directors"), none of the Directors or substantial shareholders of THBEV has any interest, direct or indirect (other than through their respective shareholdings in THBEV), in the Acquisition.

Please be informed accordingly.

Yours faithfully,

Nantika Ninvoraskul
Company Secretary
Place Of Incorporation
Existing TH
Subsidiary
Existing NA
New Spice of Asia Co., Ltd.