Global Yellow Pages

Global Yellow Pages (GYP): to lift halt at 12.30pm. Will diversify into the food business by acquiring an additional 16.7% stake in SGX-listed Yamada. This involves: i) GYP will spend $11.6m to acquire 8.5% of Yamada shares at $0.275 a piece from Mr Sam Goi Seng Hui and Hydrex, an SPV owned by Mr Goi and Mr Koh Boon Hwee, and ii) GYP has entered into a 2-for-1 share swap agreement with Mr Chen Qiuhai, the Chairman and CEO of Yamada, whereby GYP will issue 82.2m new GYP shares (11.2% of enlarged share base), in exchange for 41.1m Yamada shares (8.25% stake). Including the 1.8% interest in Yamada that GYP had acquired in May this year via open market acquisitions, the group will have a 18.6% stake in Yamada upon completion of the two deals, which are subject to shareholders’ approval at a general meeting. Mgt looks forward to working closely with Yamada and Mr Goi to tap the growing food sector in the PRC and beyond.