Sale of AFC Network Private Limited

RNS Number : 3206C

Symphony International Holdings Ltd

15 April 2013

 



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

15 April 2013

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

Sale of AFC Network Private Limited ("AFC"), Singapore

Symphony International Holdings Limited (LSE: SIHL), a leading investor in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle, and real estate sectors in the Asia-Pacific region, is pleased to announce today that it has sold its entire investment in AFC, which operates the Asian Food Channel, a 24-hour TV channel broadcasting food and lifestyle programming tailored to audiences in the Asia Pacific region.  

The sale was part of the acquisition by Scripps Networks Interactive Inc. ("Scripps") of 100% of AFC.  Scripps acquired AFC to strengthen its competitive position in Asia.  Scripps is one of the world's leading developers of lifestyle-oriented content for television and the Internet with a media brand portfolio that includes HGTV, Food Network, Travel Channel, DIY Network and Cooking Channel, amongst others.

The gross proceeds from the sale of Symphony's interest in AFC represented a gain over cost of approximately 94%. Symphony made its first investment in AFC in 2008. The proceeds from the sale represented less than 5% of Symphony's NAV.

The Raine Group acted as exclusive financial advisor, and Latham & Watkins LLP acted as legal counsel, to the shareholders of AFC.

For further information, please contact:

Symphony Asia Limited

Sunil Chandiramani                               [phone]

FTI Consulting

Neil Doyle/ Tom Willetts 
                    [phone]/ 7175

About Symphony International Holdings

Symphony International Holdings (LSE:SIHL) is a London listed strategic investment company that invests in consumer businesses and develops luxury branded real estate, hospitality and healthcare ventures which are principally in Asia. It offers a way for investors to gain exposure to the rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and forming long-term business partnerships with talented entrepreneurs. Symphony is managed by Symphony Investment Managers which has a team of investment professionals with a broad range of expertise - many of them have been working in Asia for more than 25 years. For more information please visit our website at www.symphonyasia.com.

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.

End of Announcement

 

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