News

We refer to our announcement on 29 July 2015 and subsequent updates via our quarterly announcements (the latest quarterly announcement was submitted on 24 February 2016) pertaining to the above captioned wherein a legal proceeding was instituted against PT. Diwangkara Holiday Villa Bali, an indirect subsidiary of ASB, arising from a claim dated 14 April 2015 made by PT. Diwangkara Jaya Makmur (“Plaintiff” or “Jaya Makmur”) against PT. Diwangkara Holiday Villa Bali (“Defendant I” or “PT. Diwangkara Holiday Villa”) and CV. Telabah Nasional Traiding Company (“Defendant II”) and a counter claim by PT. Diwangkara Holiday Villa against Jaya Makmur (both legal suits are hereinafter referred to as “Legal Suit”). The Legal Suit was read on 3 May 2016 at the District Court of Denpasar (“Court”).

The Board of Directors of ASB, after being informed by our solicitors on 4 May 2016, wishes to announce the Court’s judgement on 3 May 2016 which principally states that Jaya Makmur has conducted an unlawful act by taking over the management of Diwangkara Holiday Villa Beach Resort & Spa Bali (“Hotel”) from PT. Diwangkara Holiday Villa prior to the expiry of the lease under Deed No. 38 and No. 39 and therefore Jaya Makmur shall return the operations of the Hotel to PT. Diwangkara Holiday Villa, and pay material and immaterial losses of PT. Diwangkara Holiday Villa  in the amount of Rp.5,384,507,763 (Five Billion Three Hundred Eighty Four Million Five Hundred and Seven Thousand Seven Hundred Sixty Three Rupiah) plus costs incurred in this case in the amount of Rp.1,706,000 (One Million Seven Hundred and Six Thousand Rupiah).

Both parties have been given up to 16 May 2016 to submit an appeal to the High Court of Denpasar.

This announcement is dated 5 May 2016.