Fraser & Neave says its subsidiary, Times Publishing Limited (TPL) has entered into a conditional sale and purchase agreement to sell its 100% shareholding interest in Times Educational Services (TES), a wholly-owned subsidiary of TPL, for an aggregate consideration of US$200,000 ($277,292).

TES, a company incorporated in Singapore, was established to carry on the business of the provision of educational services for foreign universities and running diploma courses. It is presently a holding company which owns 96.43% of Beijing 21st Century Times Education Centre, a provider of English Language teaching programmes in Beijing, China.

F&N says the disposal by TPL of its interest in TES is carried out as part of its process to streamline its operations to focus on its core businesses.

The consideration of US$200,000 for the Sale was arrived at on a willing buyer and willing seller basis, taking into account the value of the net tangible assets of TES.

The sale is not expected to have any material effect on the net tangible assets per share or earnings per share of the group for the current financial year.

None of the directors or substantial shareholders of the company has any interest, directly or indirectly, in the sale.