9th Jan 2006 11:55
Hongkong Land Hldgs Ld09 January 2006 To: Business Editor For immediate release HONGKONG LAND OFFER FOR MCL LAND BECOMES UNCONDITIONAL 9th January 2006 - Hongkong Land Holdings Limited ("Hongkong Land") todayannounced that the voluntary conditional cash offer (the "Offer") made by itswholly-owned subsidiary, HKL (Morpheus) Pte. Ltd. (the "Offeror"), forSingapore-listed residential property developer MCL Land Limited ("MCL Land")had become unconditional. On 9th January 2006, the Offeror received acceptances of the Offer in respect of151,036,750 Stock Units representing approximately 40.8% of the issued capitalof MCL Land. The Offeror also holds 35,000,000 Stock Units representingapproximately 9.5% of the issued capital of MCL Land, which were acquiredfollowing the announcement of the Offer on 1st December 2005. Accordingly, theOfferor has received valid acceptances that will increase its holding to morethan 50% of the voting rights of MCL Land, thus satisfying the condition of theOffer. Jardine Strategic Singapore Pte Ltd ("JSS") undertook on 1st December 2005 toaccept the Offer in respect of the Stock Units representing some 40.8% of theissued capital of MCL Land that it will receive from Jardine Cycle & CarriageLimited by way of a dividend in specie. In accordance with the terms of theOffer and pursuant to its undertaking, JSS tendered its acceptance of the Offerin respect of 150,945,350 Stock Units on 9th January 2006. The closing date for the Offer has been extended from 3rd February 2006 to 17thFebruary 2006 in compliance with the provisions of the Singapore Takeover Code,and the Offeror does not intend to extend the Offer beyond that date. Hongkong Land's main business is commercial property investment in Hong Kong,and it has been steadily expanding elsewhere in Asia. Hongkong Land's regionaloffice in Southeast Asia is in Singapore where Hongkong Land is developing asignificant commercial property portfolio. Hongkong Land has also established aresidential property development business in Hong Kong and mainland China, andproposes to diversify its residential property activities into Southeast Asia.Hongkong Land is incorporated in Bermuda with its primary share listing inLondon, and its shares are also listed in Bermuda and Singapore. Hongkong Landis a member of the Jardine Matheson Group. - end- For further information, please contact: Hongkong Land LimitedGeoffrey Brown (852) 2842 8138 GolinHarrisC T Hew (852) 2522 7928 This and other Group announcements can be accessed through the Internet at 'www.hkland.com'. The respective Directors of Hongkong Land and the Offeror (including any who mayhave delegated detailed supervision of this Announcement) have taken allreasonable care to ensure that the facts stated and opinions expressed in thisAnnouncement are fair and accurate and that no material facts have been omittedfrom this Announcement, and they jointly and severally accept responsibilityaccordingly. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
H.k.land