DIVESTMENT OF BUSINESS OF OPERATING BURGER KING RESTAURANTS1. DIVESTMENT OF BUSINESS The board of directors (Board) of Bonvests Holdings Limited (Company) wishes to announce that Bon-Food Pte Ltd (Bon-Food), a wholly-owned subsidiary of the Company, has entered into a business transfer agreement (Agreement) with Burger King Singapore Pte. Ltd. (BK Singapore) to sell its business (Business) of operating the Burger King restaurants in Singapore (Restaurants), and the assets relating thereto (Assets) to BK Singapore (Disposal). The book value and the net tangible asset value, as at 31 December 2008, of the Assets to be transferred to BK Singapore, are approximately S$11.9 million and S$11.4 million respectively1. The consideration for the Disposal (Consideration) is (i) S$16 million for the transfer of certain restaurant leases and fixed assets, and (ii) a sum equivalent to the cost or net book value of certain qualified inventory of Bon-Food in relation to the Business, amounting to an aggregate value of about (more...)