Completion of Land Sale

RNS Number : 6068A

Symphony International Holdings Ltd

22 March 2013

 



Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

22 March 2013

Symphony International Holdings Limited ("Symphony" or the "Company")

Completion of Land Sale in Bangkok, Thailand

Symphony International Holdings Limited ("Symphony" or the "Company") (LSE: SIHL.L), the London listed investor in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle, and lifestyle/real estate sectors in the Asia-Pacific region, is pleased to announce today that its joint venture company, Minuet Limited ("Minuet"), has completed the sale of 17.0 rai (2.7 hectares) of land in Bangkok, Thailand to MJP Property Company Limited, a subsidiary of Major Development Public Company Limited, a listed Thai property development company. The Bangkok land sold represented approximately 4.0% of Minuet's land holding before completion. 

Excluding transaction expenses and foreign exchange translations, the sale price was 74.3% above average land cost and 50.0% above the last transacted sale price in January 2012 where Minuet has sold 69.2 rai (11.1 hectares) of land. At 31 December 2012, Symphony's 49% interest in Minuet had a fair value was US$91.2 million, based on an independent third party valuation of the land. Following the sale, Minuet will continue to hold approximately 403.9 rai of land (64.6 hectares) in Bangkok, Thailand.

For further information, please contact:

Symphony Asia Limited
Sunil Chandiramani	[phone]
FTI Consulting
Neil Doyle	[phone]

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

 

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