19th Sep 2008 12:35
For Immediate Release 19 September 2008
Disposal of Millennium Seoul Hilton - Update
Millennium & Copthorne Hotels plc ("M&C") announced on 24 June 2008 that CDL Hotels (Labuan) Limited ("the Company") ( a wholly-owned subsidiary of M&C) had entered into an agreement with Kangho AMC Co. ("Kangho") pursuant to which the Company had agreed to dispose of its 100% holding in the issued share capital in CDL Hotels (Korea) Limited ("the Disposal"). The Disposal was subsequently approved by shareholders of M&C at an Extraordinary General Meeting held on 7 August 2008.
Completion of the Disposal was originally anticipated to occur by 30 September 2008. Given the current difficult credit markets, Kangho has asked the Company to grant an extension of the completion date to 30 November 2008 whilst it finalises the terms of its financing arrangements. The Company and Kangho are currently negotiating the terms of such an extension.
Enquiries:
Buchanan Communications Tel: +44 (0) 20 7466 5000
Tim Anderson/Charles Ryland/Rebecca Skye Dietrich
Millennium & Copthorne Hotels plc Tel: +44 (0) 20 7872 2444
Beng-Lan Low, SVP Finance / Adrian Bushnell, Company Secretary
Related Shares:
Millennium & Copthorne Hotels