ISG.L Regulatory News (ISG)

20 Apr 2006 07:00

Interior Services Group PLC20 April 2006 Interior Services Group plc Proposed Acquisition of 100% of Asian Operations The Board of Interior Services Group plc ("the Company") announces that it hasagreed Heads of Terms to acquire, for a consideration of S$ 13.6 million,substantially all of the operating businesses in Asia of ISG Asia Ltd, in whichthe Company currently has a 22% shareholding. ISG Asia Limited offers Fit-out,Facilities Management, and Project Management services employing over 280people. In the year to December 2005 it reported turnover of S$ 99 million andprofit before tax of S$ 1.3 million. The vendor is a public company listed in Singapore. It has this morning made anannouncement to the Singapore Stock Exchange detailing the proposed disposal.The proposed transaction will be subject to definitive agreements being enteredinto with various conditions precedent being fulfilled and obtaining thenecessary approvals in Singapore. It has been apparent for some time that the objectives of the Company would bebetter served by Interior Services Group taking a 100% control of the businessoperations of ISG Asia Ltd, which this transaction is intended to achieve whiledisposing of our 22% shareholding. Following the transaction the Company willcontinue to trade in Asia under the brand name ISG Asia and the vendor willcease the use of the name ISG. Further announcements will be made when necessary. -ends- Date: 20 April 2006For further information please contact: Interior Services Group PLCDavid King, Chief Executive 020 7392 5251David Lawther, Group Financial Director 020 7392 5307Web: www.isgplc.com cityPROFILESimon Courtenay 020 7448 3244Andrew Harris This information is provided by RNS The company news service from the London Stock Exchange