Update on Minuet

RNS Number : 6388T

Symphony International Holdings Ltd

09 December 2011

 



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

9 December 2011

Symphony International Holdings Limited ("Symphony" or the "Company")

Sale of Land in Bangkok, Thailand

Symphony International Holdings Limited ("SIHL" or the "Company") (LSE: SIHL.L), a leading investor in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle, and lifestyle/real estate sectors in the Asia-Pacific region, announces today that its joint venture company, Minuet Limited ("Minuet"), has entered into a binding agreement to sell part of the land that it holds in Bangkok, Thailand. The 49% shareholding in Minuet is the Company's largest single investment.

Through a series of transactions, Minuet has conditionally sold approximately 70 rai net of land (11.2 hectares) to a Thai listed property developer. The sale price was 26.3% above Minuet's cost price and 4.9% above the average fair value of Minuet's land at 30 September 2011 based on current exchange rates. The sale is one of the largest land plots recently sold in the area and will provide a basis for the Company to revalue its investment in Minuet. Completion is subject to customary closing conditions and is expected to take place within the next 30 days. Following the sale, Minuet will continue to hold approximately 421 rai of land (67.4 hectares).

For further information, please contact:

Symphony Asia Limited
Sunil Chandiramani	[phone]
FTI Consulting
Neil Doyle	[phone]

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.

 

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