General Announcement::Announcement by Subsidiary Company, City e-Solutions Limited

Issuer & Securities

Issuer/ Manager
CITY DEVELOPMENTS LIMITED
Securities
CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
29-Apr-2016 22:40:00
Status
New
Announcement Sub Title
Announcement by Subsidiary Company, City e-Solutions Limited
Announcement Reference
SG160429OTHRQZHX
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)
Please refer to the attached announcement released by City e-Solutions Limited ("CES") on 29 April 2016 regarding the Announcement pursuant to Rule 3.7 of the Takeovers Code and Rule 13.09 of the Listing Rules and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance and Resumption of Trading.

Further to City Developments Limited's ("CDL" or the "Company") announcement on 15 April 2016 regarding inter alia possible disposal of shareholdings in CES by the controlling shareholder, the Company had, through its wholly-owned subsidiaries namely eMpire Investments Limited, Citydev Investments Pte. Ltd. and Educado Company Limited (collectively, the "CDL Subsidiaries"), on 27 April 2016 entered into a memorandum of understanding with an unrelated third party (the "Potential Purchaser"), which was superseded by an amended and restated memorandum ("MOU") entered into between the same parties on 29 April 2016. The MOU contemplates a possible sale by the CDL Subsidiaries of all the shares held by the CDL Subsidiaries in CES, comprising an aggregate of 200,854,743 shares ("Sale Shares") and representing approximately 52.52% of the issued share capital of CES as at the date of this announcement for a consideration of HK$2.82 per Sale Share. In addition, the Company was informed that the Potential Purchaser has (i) paid a deposit of HK$57,880,217, which is refundable under certain circumstances; and (ii) been granted an exclusivity period of 45 days from 27 April 2016, which may be extended by 15 days at either the discretion of the CDL Subsidiaries or the Potential Purchaser or such later date as the parties may agree in writing.

The proposed sale of CDL Subsidiaries' interest in CES is subject to agreement on terms and conditions to be set out in a formal agreement to be entered between the Potential Purchaser and the CDL Subsidiaries. A further announcement will be made by the Company when the formal agreement is entered into by the CDL Subsidiaries.

By Order of the Board

Shufen Loh @ Catherine Shufen Loh
Enid Ling Peek Fong
Company Secretaries

Attachments

CES_04292016.pdf
Total size =37K