Asset Acquisitions and Disposals::DISPOSAL OF SHARES

Issuer & Securities

Issuer/ Manager
SINARMAS LAND LIMITED
Securities
SINARMAS LAND LIMITED - SG1E97853881 - A26

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
02-Jun-2014 18:52:59
Status
New
Announcement Sub Title
DISPOSAL OF SHARES
Announcement Reference
SG140602OTHRVTZH
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Sinarmas Land Limited ("SML" and together with its subsidiaries, the "Group") wishes to announce the disposal by SML of 6,457,495 shares and 6,753,844 shares of nominal value of USD1 each representing the entire shareholding of Integrated Investments Ltd ("Integrated") and Solid Growth Investments Ltd ("Solid") (together the "IS Group") respectively (the "Disposal").

The total consideration for the Disposal was USD4,400,000 (equivalent to SGD5,517,600) as determined on a willing buyer willing seller basis, based on the consolidated net tangible asset value of the IS Group and was fully satisfied in cash.

Following the Disposal, Integrated and Solid together with its respective subsidiary, Zhuhai Huafeng Film Co., Ltd and Zhuhai Huafeng Printing Co., Ltd, ceased to be subsidiaries of the Group.

(Note: The amount in SGD equivalent using exchange rate as at 29 May 2014 of USD1 = SGD1.254)

By Order of the Board
SINARMAS LAND LIMITED

Robin Ng Cheng Jiet
Director
2 June 2014