Singapore, 15 September 2008 – Mainboard-listed food and consumer products distributor Auric Pacific Group Limited (Auric) is pleased to announce that food court owner and operator Food Junction Holdings Limited (FJH) has become an indirect subsidiary of the Group following the completion of the recent voluntary conditional cash partial offer (Partial Offer) by Auric which raised its stake to 54.4% from 29.9%.
On 7 July 2008, Stirling Coleman Capital Limited for and on behalf of APG Strategic Investment Pte Ltd (Offeror), Auric’s indirect wholly-owned subsidiary, had announced the Partial Offer to acquire 35% of FJH shares, other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it.
Mr Stephen Riady, Executive Director of Auric said: “With this successful completion of the Partial Offer for Food Junction, we are well-poised for further regional expansion in line with our strategy to build a significant core presence in the food and retail industries. We look forward to working with the management of Food Junction on their plans for the food court and related businesses.”
Mr Riady added that Auric, together with FJH’s board and management, shall undertake a strategic and operational review of FJH’s businesses to explore ways for FJH to leverage off Auric’s regional capabilities, and to look at potential synergies, new businesses and further expansion of FJH’s existing businesses in the region.
Prior to the completion of this Partial Offer, Auric had a 29.9% stake in FJH. The Partial Offer of 0.55 cents in cash per share represents a premium of approximately 31.0 per cent to the last transacted price of S$0.42 per share as quoted on the Singapore Exchange on 4 July 2008, being the last trading day prior to the announcement of the Partial Offer.
Auric is a leading homegrown distributor of food and consumer goods which aims to build a strong presence in the food retailing business. Besides having a majority share in FJH which runs 16 food courts in Singapore, Indonesia, Malaysia and China, Auric also wholly owns Délifrance Asia Group which operates the Délifrance chain of more than 230 cafes and bistros across Asia.
Auric is also involved in food manufacturing (including house brands such as Sunshine, Top-One and Buttercup) and strategic investments with operations in Singapore, Malaysia and China. Auric is 49.28% owned by the Lippo Group which has interests in retailing, property and media.