Announcement Details/Table Section :
The Board of Directors of ASB wishes to announce that Alangka-Suka International Limited (“ASIL”) and Holiday Villas International Limited (“HVIL”) have on 2 July 2012 entered into an agreement for the disposal of their respective 90% and 10% equity interest in GHVK to Renaissance International For Services Co. (“RIFS”) for a cash consideration of USD100.00 and USD10.00 respectively (“Proposed Disposal”).
GHVK is an indirect wholly-owned subsidiary of ASB, whereby 90% of its equity interest is held by ASIL and the remaining 10% is held by HVIL. Both ASIL and HVIL are wholly-owned by Alangka-Suka Hotels & Resorts Sdn Bhd, which in turn is a wholly-owned subsidiary of ASB.
GHVK is locally incorporated in Sudan solely for the operation of Grand Holiday Villa Hotel & Suites Khartoum, Sudan (“Sudan Hotel”). The Proposed Disposal is to facilitate RIFS in the operation of the Sudan Hotel as RIFS has entered into an agreement with Grand Hotel Sudan Limited (an indirect wholly-owned subsidiary of ASB), the leasehold owner of the Sudan Hotel, for RIFS to operate and manage the Sudan Hotel for a period of 36 months from 4 April 2012 (“Term”). No assets and liabilities of GHVK will be assumed by RIFS.
The parties have agreed that the completion for the disposal of ASIL’s 90% equity interest in GHVK is 2 July 2012. The completion date for the remaining 10% equity interest in GHVK to be disposed by HVIL or its nominees shall be upon the expiry of the Term. Following the completion of the disposal of the 90% equity interest in GHVK by ASIL, GHVK ceased to be a subsidiary of ASIL and ASB.
RIFS is a company incorporated in Sudan with its registered address at Post Office Box #6768 Khartoum Baba Costa Building Gamhoria Street #10 Sudan.
The Proposed Disposal is not expected to have any material impact on the earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2012.
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 Proposed Disposal.
This announcement is dated 2 July 2012.
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