Transaction Announcement
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
7 March 2011
Symphony International Holdings Limited ("SIHL" or the "Company")
Establishment of a Property Development Venture in Niseko, Japan
The Company, a leading 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 that it has invested in a property development venture that has acquired a hotel in Niseko, Hokkaido, Japan. SIHL has a 30% interest in the property development venture. It is envisaged that the venture will redevelop this site into an upmarket hotel and residential development. The cost associated with SIHL's portion of the acquisition of the hotel is less than 2% of the Company's net asset value and was funded by cash.
Niseko is an internationally renowned winter sports destination that receives consistently good powder snowfall and is known for its long ski seasons, which can last over six months. Niseko is highly accessible, particularly from Asian destinations, and is becoming increasingly known for all-year-round activities and as a premium vacation destination. Niseko continues to see strong growth in tourist arrivals, particularly from Asian countries, where there are few alternative destinations for skiing and where skiing is becoming a desirable holiday choice for a growing middle and upper class.
The venture provides SIHL with the ability to further capitalise on rising consumer demand for luxury real estate in the Asia region, in addition to diversifying SIHL's current investment portfolio.
For further information, please contact:
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Symphony Asia Limited |
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Sunil Chandiramani |
+852 2801-6199 |
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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