News

Acquisition Of A Shelf Company By Holiday Villas International Limited ("HVIL"), A Wholly-Owned Subsidiary Of Alangka-Suka Hotels & Resorts Berhad, Which In Turn Is A 99.63%-owned Subsidiary Of Advance Synergy Berhad ("ASB")

BackMar 23, 2004
General Announcement
Reference No AS-040323-65499
Company Name : ADVANCE SYNERGY BERHAD 
Stock Name : ASB
Date Announced : 23/03/2004

Type : Announcement
Subject : ACQUISITION OF A SHELF COMPANY BY HOLIDAY VILLAS INTERNATIONAL LIMITED ("HVIL"), A WHOLLY-OWNED SUBSIDIARY OF ALANGKA-SUKA HOTELS & RESORTS BERHAD, WHICH IN TURN IS A 99.63%-OWNED SUBSIDIARY OF ADVANCE SYNERGY BERHAD ("ASB")

Contents :
The Board of Directors of ASB wishes to announce that HVIL had on 23 March 2004 acquired 100 per cent equity interest in a shelf company incorporated in the British Virgin Islands, Edenbridge Resources Limited ("ERL"), comprising 2 issued and fully paid-up ordinary shares of USD1.00 each. ERL is in the process of changing its name to Holiday Villa China Limited and increasing its paid-up share capital to USD100.00. Upon completion of the proposed increase in its paid-up share capital, ERL will be 70%-owned by HVIL.

HVIL intends to expand and operate hotels and resorts in China through management contracts. ERL will be the special purpose holding company which in turn will incorporate subsidiary company(ies) in China to facilitate such management contracts. HVIL is presently in discussion for a management contract to operate a 400-room hotel in China. The hotel is currently under construction and is expected to be completed by end of year 2005.

None of the Directors or substantial stockholders of ASB and/or persons connected with them has any interest, direct or indirect, in the aforesaid.

(This announcement is dated 23 March 2004)