Agreement To Sell Land in Bangkok

RNS Number : 4853U

Symphony International Holdings Ltd

19 January 2017

 

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Symphony International Holdings Limited ("Symphony")

19 January 2017

Agreement to sell land in Bangkok

Symphony International Holdings Limited (LSE: SIHL), a leading investor in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle, and lifestyle/real estate sectors is pleased to announce today that its joint venture company, Minuet Limited ("Minuet"), has entered into a binding agreement to sell 43.4 rai (6.9 hectares) of land in Bangkok, Thailand to Land & Houses Public Company Limited ("L&H"), a Thai listed property developer.

The gross sale price, based on current exchange rates, was 72.7% above Minuet's average land cost. On a net basis (after transaction costs and related expenses), the sale price is estimated to be approximately 15% above the average fair value of Minuet's land at 30 September 2016. Symphony's holds a 49% direct interest in Minuet and the value of its investment in Minuet at 30 September 2016 was US$84.5 million based on an independent valuation at 30 June 2016. L&H have a first right of refusal to acquire additional land from Minuet under certain conditions.

The sale of land to L&H follows a recent sale to WCIB International Co., Ltd ("WCIB"), an education joint venture company between Symphony and established Thai partners that will develop the Wellington College International Bangkok, the fifth international addition to the prestigious Wellington College of Crowthrone, Berkshire in the United Kingdom. Following the sale of land to WCIB and L&H, Minuet will continue to hold approximately 290 rai of land (46 hectares) of land.

Anil Thadani, Chairman of Symphony Asia Holdings Pte. Ltd. and a Director of Symphony, said:

"The Minuet land site and surrounding areas are becoming increasingly attractive as a result of a number of developments currently underway. The recent agreement to sell land to L&H and the Wellington College development will support incremental demand and higher prices in the area, which will benefit the value of Symphony's investment in Minuet"

For further information:

Symphony Asia Holdings Pte. Ltd.:     

Anil Thadani                                       [phone]

Numis Securities Limited:

Hugh Jonathan                          [phone]

Nathan Brown                                   

About Symphony

Symphony is a London listed strategic investment company that invests in consumer businesses, which are principally in Asia. It offers a way for investors to gain exposure to the rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and forming long-term business partnerships with talented entrepreneurs. Symphony is managed by Symphony Asia Holdings Private Limited, which has a team of investment professionals with a broad range of expertise - many of them have been working in Asia for more than 25 years. For more information, please visit our website at www.symphonyasia.com

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd.

End of Announcement

 

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