September 7, 2016 / 5:10 AM / 3 years ago

RPT-BRIEF-First Pacific Co updates on sale on interest in China Minzhong Food Corporation

(Repeats to widen distribution) Sept 7 (Reuters) - First Pacific Co Ltd : * Discloseable and connected transaction: implementation agreement in relation to sale of interest in China Minzhong Food Corporation Limited * Indofood, CMZ BVI and Marvellous BVI entered into the implementation agreement * Indofood, CMZ BVI and Marvellous BVI have agreed to amend the structure of the transaction contemplated by the MoU * Says group is not expected to recognize any significant gain or loss from the transactions * Says MOU contemplated sale by Indofood to CMZ BVI of 347 million CMZ shares at S$1.20 * Says gross proceeds from the transactions are expected to be approximately S$651.9 million * Says will use cash proceeds from transaction of approximately S$416.4 million for repaying loan borrowed to finance acquisition of CMZ

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