A SUBSIDIARY of Frankie Dominion International has boosted its interest in a sub-contractor of paper products by a further 49 per cent, making the concern a wholly-owned company. Frankie Dominion said that its 68 per cent owned Big Field had exercised a purchase option to buy the remaining 49 per cent interest in Golden Ford for $8.82 million from Mr Lee Kun. Big Field bought the initial 51 per cent last March and was granted the purchase option. The company will satisfy the consideration by a share issue. Upon completing the exercise of the option, Frankie Dominion will slash its holding in Big Field to 62.5 per cent and Mr Lee will hold the remaining 37.5 per cent. Frankie Dominion said the consideration represented a price earnings multiple of three times the guaranteed profit of Golden Ford in 1993 and 1994. Golden Ford posted net tangible assets of $6.94 million and after-tax profits of $8.92 million last year.
