2nd Oct 2007 10:41
Jardine Strategic Hldgs Ld02 October 2007 The following announcement was issued today by the Company's 64%-ownedsubsidiary, Jardine Cycle & Carriage Limited. QUOTE JARDINE CYCLE & CARRIAGE LIMITED DISPOSES ITS 40.0% STAKE IN AMPANG INVESTMENTSPTE LTD Jardine Cycle & Carriage Limited ("JC&C") wishes to announce that it has todayentered into a Share Sale and Purchase Agreement with a wholly-owned subsidiaryof Hongkong Land Holdings Limited ("HKL") to dispose of eight (8) fully paidordinary shares in Ampang Investments Pte Ltd ("Ampang Investments"),representing 40.0% of the issued share capital, for a total cash considerationof S$18.2 million (the "Disposal"). Ampang Investments is an investment holding company whose principal investmentis the Concorde Hotel in Kuala Lumpur, which is held through its wholly-ownedsubsidiary, Ampang Hotel Sdn Bhd ("Ampang Hotel"). The Disposal is in line with JC&C's strategy of disposing of its non-coreinvestments. The S$18.2 million consideration, which will be satisfied wholly in cash, wasarrived at following negotiations on a willing buyer and willing seller basis,based on the adjusted net asset value of Ampang Investments as at 31 August 2007after taking into consideration the independent valuations in respect of thehotel property commissioned by JC&C and HKL in July 2007. In addition, JC&C will also receive payment for an outstanding shareholder'sloan to Ampang Investments amounting to approximately S$14.5 million from thepurchaser. Upon completion of the Disposal which is expected to take place this week, bothAmpang Investments and Ampang Hotel will cease to be associated companies of JC&C. The Disposal is not expected to have a material impact on the JC&C Group's nettangible assets and earnings per share for the year ending 31 December 2007. The purchaser is a wholly-owned subsidiary of HKL. HKL is a 47.0% associatedcompany of Jardine Strategic Holdings Limited ("JSH"), which in turn has a 64.4%interest in JC&C. Save as disclosed, none of JC&C's directors (other than in their capacity asJSH's representatives on the board of directors of JC&C) or substantialshareholders of JC&C has any interest, direct or indirect, in the Disposal. For further information, please contact: Jardine Cycle & Carriage LimitedHo Yeng TatTel: (65) 6470 8108 UNQUOTE Neil M McNamara, Jardine Matheson Limitedfor and on behalf of Jardine Strategic Holdings Limited 2 October 2007 www.jardines.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JDS.L