On Oct 2, Frasers Centrepoint announced that it is acquiring a 25% stake in Frasers (UK) from SQ International for GBP5.6 million (about $9.9 million). Upon completion of the purchase, Frasers Centrepoint will own 100% of Frasers UK.

The consideration was arrived at after taking into account the agreed proportion of the consolidated net tangible asset value of Frasers UK and its subsidiaries, which were worth approximately $64.7 million as at July 31.

Frasers Centrepoint will also be assigned a shareholder’s loan of about $9.2 million owing by Frasers UK to SQ International, at a consideration of GBP5.2 million.

In light of the takeover, the joint venture between Frasers Centrepoint and SQ International will be terminated.