Extension of MoU to explore s

RNS Number : 1791E

Alpha Tiger Property Trust Limited

16 December 2009

 



ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")

ALPHA TIGER ANNOUNCES AGREEMENT TO EXTEND ITS MEMORANDUM OF UNDERSTANDING ("MoU") WITH ITS JOINT VENTURE PARTNERS TO EXPLORE A SALE OF TECHNIKA

The Company announced on 30 May 2008 a co-development agreement to build a 800,000 square feet business park development project in NOIDA Sector 132 ("Technika").  The Company subsequently acquired a 31.75% equity interest in the joint venture Special Purpose Vehicle ("SPV"). To date, the SPV has held the development land and no construction has commenced.

The Company announced on 10 March 2009 that it had entered into an agreement which permits Pasco Infotech, a joint venture partner, a limited period of time to seek a purchaser of the SPV, with each partner committing to sell their shares in the holding SPV provided that a sale occurs within 180 days from signing the agreement. This agreement was extended until 04 December 2009.

The Company and its joint venture partners have now agreed to extend this MoU on the same terms and conditions until 31 March 2010.

For further information please contact:

David Jeffreys, Chairman, Alpha Tiger                                               [phone]

Brad Bauman, Joint Fund Manager, Alpha Tiger                            [phone] (India)

Notes to editors:

About Alpha Tiger Property Trust

Further information is available at www.alphatigerpropertytrust.com

 

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