2 Nov 2010 08:26
2nd November, 2010
ASIAN GROWTH PROPERTIES LIMITED
Change of a Director's Deemed Shareholding Interest
The board of directors of Asian Growth Properties Limited (the "Company") (AIM Stock Code: AGP), the Hong Kong based China property development and investment company, announces that the Company has today received notification from Mr. Lu Wing Chi ("Mr. Lu"), an executive director of the Company of the change of his deemed interest in the ordinary shares of US$0.05 each in the Company ("Shares") as follows:
(1) Mr. Lu and the persons connected with him are presently deemed to be beneficially interested in 267,101,518 Shares which represent about 30.14% of the existing issued share capital of the Company as a result of the change of the respective shareholdings of Mr. Lu and Nan Luen International Limited ("NLI") in S E A Holdings Limited ("SEA") on 29th October, 2010;
(2) SEA is beneficially entitled to, in aggregate, about 97.17% of the existing issued share capital of the Company;
(3) Mr. Lu is deemed interested in the Shares by virtue of (i) his 0.99% direct shareholding interest in SEA; (ii) his 32.61% direct shareholding interest in JCS Limited ("JCS"), and (iii) his 30% direct shareholding interest in NLI. JCS is interested in 63.58% of the issued shares in NLI; and
(4) On 29th October, 2010, all of the SEA shares repurchased by SEA from 13th to 22nd October, 2010 (both days inclusive) were cancelled. Immediately before the aforesaid cancellation, NLI and Mr. Lu were interested in approximately 58.84% and 0.98% respectively in the issued share capital of SEA. Immediately after the aforesaid cancellation, NLI and Mr. Lu increased their shareholding interests in SEA to about 59.18% and 0.99% respectively. Accordingly, Mr. Lu is deemed to have increased his beneficial shareholding interest to 267,101,518 Shares, representing approximately 30.14% of the existing issued share capital of the Company.
For more information, please contact:
Lu Wing Chi Tel: +852 2828 6363
Executive Director
Asian Growth Properties Limited
Richard Gray Tel: +44 207 459 3600
Andrew Potts
Panmure Gordon (UK) Limited
(Nominated Advisor)