Update on Minuet

RNS Number : 4804V

Symphony International Holdings Ltd

13 January 2012

 



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

13 January 2012

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), 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 today that its joint venture company, Minuet Limited ("Minuet"), has completed the sale of 69.2 rai (11.1 hectares) of land in Bangkok, Thailand to SC Asset Corporation Pcl ("SC Asset"), a Thai listed property developer. The Bangkok land sold represented approximately 14.1% of Minuet's total land holding at the time of completion. 

The sale price, based on current exchange rates, was 22.1% above Minuet's average land cost and 1.4% above the 30 September 2011 average land value. At 30 September 2011, Symphony's 49% interest in Minuet was the largest investment in Symphony's portfolio and its fair value was US$97.2 million, based on an independent third party valuation of the land. 

The sale to SC Asset is one of the largest land plots recently sold in the area and the sale price will provide a basis to value Minuet's residual land going forward, which is expected to create incremental value for shareholders. Following the sale, Minuet will continue to hold approximately 422.5 rai of land (67.6 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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