General Announcement::Update on Proposed Disposal of Shareholding in subsidiary, City e-Solutions Limited

Issuer & Securities

Issuer/ Manager
CITY DEVELOPMENTS LIMITED
Securities
CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
27-Mar-2014 19:59:01
Status
New
Announcement Sub Title
Update on Proposed Disposal of Shareholding in subsidiary, City e-Solutions Limited
Announcement Reference
SG140327OTHRAIEE
Submitted By (Co./ Ind. Name)
Enid Ling Peek Fong
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of City Developments Limited (?CDL? or the ?Company?) refers to the announcement released on 23 December 2013 in connection with the acceptance of a Memorandum of Understanding (?MOU?) from an unrelated third party (the ?Purchaser?) who had expressed non-binding interest in acquiring from CDL?s wholly-owned subsidiaries (collectively, the ?CDL Entities?) an approximate 52.52% interest in the issued share capital of City e-Solutions Limited ("CES") held by the CDL Group through the CDL Entities. The Board wishes to inform that the CDL Entities had on 27 March 2014 served a notice on the Purchaser, stating inter alia that the Purchaser has not met the terms of the MOU and has demonstrated by its conduct that the Purchaser is not proceeding with the transaction. As there were substantial differences between the parties, no agreement has been reached on the terms of the sale and purchase agreement.

Please also refer to the attached announcement released by CES on 27 March 2014.

By Order of the Board

Shufen Loh @ Catherine Shufen Loh
Enid Ling Peek Fong
Company Secretaries
27 March 2014

Attachments

27032014_CES.pdf
Total size =26K