The Board of Directors (the 'Board') of Fu Yu Corporation Limited (the 'Company') together with its subsidiaries (the 'Group') wishes to announce that the Company has on 26 May 2016 entered into a sale and purchase agreement (the 'Agreement') to acquire the remaining 20% equity interest (the 'Acquisition') of the Singapore-incorporated subsidiary, NanoTechnology Manufacturing Pte. Ltd. ('NanoTechnology').

NanoTechnology's principal business is in the manufacturing of ultra-precision tools and dies, precision moulding and stamping.

Pursuant to the Agreement, the Company shall acquire the remaining 20% equity interest of NanoTechnology from EDB Ventures Pte Ltd. Following completion of the Acquisition, NanoTechnology will become a wholly-owned subsidiary of the Company.

The consideration for the Acquisition was a nominal amount of S$1.00, which was arrived at in accordance with arms' length negotiations on a willing buyer, willing seller basis taking into account, inter alia, the net liabilities position of NanoTechnology as at 31 March 2016.

The above transaction is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 31 December 2016.

Save for their respective shareholdings in the Company, none of the Directors or the controlling shareholder of the Company has any interest, direct or indirect in the above transaction.

Fu Yu Corporation Ltd. published this content on 26 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 June 2016 01:06:03 UTC.

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