Disposal of Phnom Penh properties (2069S)

TIDMJSM

RNS Number : 2069S

JSM Indochina Ltd

16 November 2011

JSM Indochina Ltd.

16 November 2011

Disposal of Phnom Penh Properties

Further to its announcements of 7 April 2011 and 26 September 2011, the Board of JSM Indochina Ltd. ("JSM" or the "Company")(AIM: JSM.L), is pleased to announce that all of the conditions to completion of the disposal of the Company's Colonial Mansion I & Colonial Mansion II, Embassy Center and JSM Ounalom properties (the "Phnom Penh Properties") to Hongkong Land (Singapore) Pte Limited ("Hongkong Land"), a company controlled by Hongkong Land Holdings Limited, a member of the Jardine Matheson Group, have been satisfied.

The gross consideration to be paid by Hongkong Land for the Phnom Penh Properties is USD 33.65 million (the "Consideration"), of which USD 2.0 million was received as a deposit on signing in April 2011. The balance of the Consideration is currently held by an escrow agent. Both JSM and Hongkong Land have provided the escrow agent with release notices and the escrow agent is in the process of transferring the balance of the Consideration to JSM. The balance of the Consideration is expected to be received by JSM on or before Tuesday 22 November 2011.

After payment of certain transfer taxes and other transaction related costs, and including the initial USD 2.0 million deposit, the net proceeds of the Consideration are USD 32.1 million, before monies to be set aside in JSM's subsidiaries for the Trinity transaction which was announced on 17 June 2011.

The Company continues to work toward completion of the disposal of its leasehold interest in the property at Siem Reap.

Scott Verges, Chairman of JSM Indochina Ltd. commented:

"We are very pleased to announce the satisfaction of the conditions to completion for the disposal of the Phnom Penh Properties. We will provide an update on a return of capital in due course."

For further information:

 
 JSM Indochina Ltd.             +1 415 400 2461 
 Scott Verges, Chairman 
 
 Panmure Gordon (UK) Limited    +44 20 7459 3600 
 Andrew Potts 
 
 Buchanan Communications        +44 20 7466 5000 
 Lisa Baderoon

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISBFBTTMBMBBTB

Jsm Indochina (LSE:JSM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024