Printing and media services company, PMP Limited (PMP) said on Thursday it had completed the acquisition of Times Printers (Australia) Pty Ltd (TPA) from Times Publishing Limited (TPL) of Singapore.
The deal was previously announced to the market on 21 September 2007.
PMP purchased TPA for $80 million by issuing 39 million new ordinary shares in PMP at an issue price of $1.65 with the balance of $15.5 million paid in cash.
The new shares represent 11.5% of the expanded capital of PMP.
TPA is a Victorian-based printer of magazines and catalogues operating from a single site in Sunshine, Melbourne. It is equipped with advanced print technology and its customers include some of Australia's leading companies.
The company is one of Australia's largest printers in the magazine, retail catalogue and directory market segments.
In 2002, PMP completely divested its Australasian and UK magazine interests to focus exclusively on printing. (Pacific Magazines was sold to Seven in two stages, and in the UK, Attic Futura was sold to Hachette).
PMP Limited rose 7.5 cents to $1.805.
