Joint Venture Agreement

RNS Number : 5414P

Symphony International Holdings Ltd

05 October 2011

 



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

5 October 2011

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

Signing of a Joint-Venture Agreement in Malaysia

The Company, a leading investor in branded real estate and other consumer-related businesses in the Asia-Pacific region, is pleased to announce that it has, through a wholly-owned subsidiary, signed a joint-venture agreement to invest in a resort development with an affiliate of Destination Resorts and Hotels Sdn Bhd, a hotel and destination resort investment subsidiary of Khazanah Nasional Berhad, the investment arm of the Government of Malaysia.

The project will consist of a beachfront club and villas, contiguous to a championship golf course with beach-fronting views. The club and villas will be branded and managed by Amanresorts, one of the world's leading lifestyle companies. 

The villas will be sold to corporate and individual buyers interested in acquiring a vacation property within a short drive from Singapore and Southern Malaysia. Symphony will have a 49% interest in the venture with the Malaysian partner holding the rest. Symphony's investment in this project is expected to be less than 8% percent of the Company's net asset value and will be funded from internal sources.

The venture provides Symphony with the ability to capitalise on rising consumer demand for luxury real estate in the Asia region, in addition to diversifying its current investment portfolio.

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.

End of Announcement

 

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