| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | FRASER AND NEAVE, LIMITED |
| Company Registration No. | 189800001R |
| Announcement submitted on behalf of | FRASER AND NEAVE, LIMITED |
| Announcement is submitted with respect to * | FRASER AND NEAVE, LIMITED |
| Announcement is submitted by * | Anthony Cheong Fook Seng |
| Designation * | Group Company Secretary |
| Date & Time of Broacast | 30-Apr-2012 20:04:06 |
| Announcement No. | 00313 |
| Price Sensitivity | No |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | FORMATION OF JOINT VENTURE |
| Description | Fraser and Neave, Limited is pleased to announce that its wholly-owned subsidiary, Frasers Centrepoint Limited ("FCL"), has today entered into an agreement with Asia Property Fund ("APF") and Gemshine Investments (S) Pte. Ltd. ("Gemshine") to form a joint venture through the subscription of shares in Gemshine so that APF (through its wholly-owned subsidiaries, APF 1 S.a.r.l and Lexis 88 Investments (Mauritius) Ltd) and FCL (through its wholly-owned subsidiary, FCL Centrepoint Pte. Ltd.) hold shareholding interests in Gemshine in the proportions of 81.01% and 18.99% respectively. APF is an open-end SICAV-SIF incorporated in Luxembourg with a diversified investment mandate in core Asian real estate. It is envisaged that Gemshine will be the tendering entity for the joint venture in the tender (the "Tender") conducted by Sengkang Mall Limited ("SML") for the sale of 100% of the issued shares (the "Sale Shares") of each of the 5 special purpose companies which collectively own all the strata units in Compass Point, a suburban retail mall located in Sengkang. It is the parties' intention that they will transfer their respective holding of the secured fixed rate junior bonds in the principal amount of S$134,000,000 due 20 November 2012 and the Preference Shares attached thereto issued by SML on 20 November 2002 ("Junior Bonds") to Gemshine, such that Gemshine will hold $133,950,000 in principal amount of the Junior Bonds and that APF will assign the benefit and rights it holds under the Shares Right of First Refusal Agreement dated 20 November 2002 between SML and the Prudential Assurance Company Limited ("ROFR") in respect of the Sale Shares to Gemshine so that Gemshine has the option of matching the highest price for the Sale Shares. Further announcement will be made as appropriate after the close of the Tender. Anthony Cheong Fook Seng Group Company Secretary 30 April 2012 |
© 2012 SGX News
