Acquisition of the Business of WH Smith in Singapore

 

Attached for your information is a press release on the acquisition by Times NewsLink, a partnership between Times The Bookshop Pte Ltd and Saresco Travellers Pte Ltd, of the retail business of WH Smith Pte Ltd in Singapore comprising a total of 8 outlets, at a consideration being the aggregate amount of S$800,000 and the value of the stocks at the time of completion (currently estimated to be in the region of S$1.5 million) upon satisfaction of the conditions of the acquisition. Times The Bookshop Pte Ltd is a subsidiary of the Company's wholly-owned subsidiary, Times Publishing Limited.

 

13 May 2004

 

Times NewsLink, a Joint Venture between Times The Bookshop and Hachette Distribution Services, today advised that it has entered into a conditional agreement to acquire the WH Smith retail business in Singapore.

 

The Times NewsLink joint venture was established and commenced operations in 2000 after successfully tendering for the largest bookstore concession at Changi Airport. The venture is managed jointly by Times The Bookshop (Asia based retailer of books and magazines, owned by the Times Publishing Group) and NewsLink (Australian based travel retail specialty operator, owned 40% by Hachette Distribution Services).

 

The purchase of the WH Smith operations in Singapore, when completed, will give Times NewsLink an additional six stores in Changi Airport including two children's educational stores branded 'Kaboom' and two high street locations, thereby increasing the number of stores operated by the joint venture to twelve. This acquisition is part of a broader plan to increase the travel retail presence in the Asia-Pacific region.

 

Spokesperson for TimesNewsLink, Mr Scott Raisin, said "We believe this acquisition represents an exceptional opportunity to expand our business in Singapore and leverage significant operational synergies."