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We wish to inform the Exchange that Launceston Developments Limited (“LDL”), a subsidiary of ASHR, had received the acceptance from SARL Marciano Lafayette, a French Limited Liability Company located at 46 rue de Trévise, 75009 Paris, owner of the on-going business (“Fonds de Commerce”) of the Hotel Marciano Lafayette located at 46 rue de Trévise, 75009 Paris and SCI Trevise Marciano, a French Civil Company, owner of the real estate (“Real Estate”) in which the Fonds de Commerce is carried out (collectively, referred to as “Sellers”) on LDL’s offer for LDL or its nominee(s) to acquire from the Sellers the Fonds de Commerce and the Real Estate of Hotel Marciano Lafayeete, a city centre hotel with 38 rooms, located at 46 rue de Trévise, 75009 Paris.
The cash consideration for the Acquisition is 5,450,000 euro comprising 3,200,000 euro for the Real Estate and 2,250,000 euro for the Fonds de Commerce (equivalent to approximately RM26.13 million) and is arrived at based on willing buyer and willing seller basis. ASHR intends to fund the Acquisition through internal resources and/or bank borrowings.
The Acquisition is in line with our Hotel division’s intention to have a presence in Europe.
The Acquisition is subject to a due diligence and such terms and conditions of the formal agreement(s) to be entered into between LDL or its nominee(s) and the Sellers.
None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Acquisition.
The Board of Directors of ASB, after careful deliberation, is of the opinion that the Acquisition is in the best interest of ASB.
A separate announcement will be released upon execution of the said formal agreement(s).
[This announcement is dated 18 May 2009.] |
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