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Laura Ashley establishes Asian Headquarters

30 June 2015 10:29

Laura Ashley's wholly owned subsidiary, Laura Ashley (Asia) Pte Ltd, has today exercised the Option to purchase a commercial property in Singapore for a cash consideration of Singapore Dollars 66 million (approximately £31.1 million at the exchange rate of £1 : SGD 2.119).

The Company commented that, in order to take advantage of the opportunities in Asia, in particular China and India, the Company needs to establish a strong regional commercial and operational presence.

The Acquisition will be completed 4 weeks from today's date.

The Acquisition will be partially funded by a SGD 42.9 million debt facility provided by DBS Bank Limited secured against the Property. The remaining consideration of SGD 23.1 million will be funded out of the Company's cash reserves.

At 10:29am: (LON:ALY) Ashley Laura Holdings PLC share price was -0.87p at 32.38p

Story provided by StockMarketWire.com

Related Company: ALY

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