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1 Sep 2009 07:00
ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")
ALPHA TIGER AGREES TECHNIKA MOU EXTENSION
ALPHA TIGER ANNOUNCES IT HAS AGREED AN EXTENSION OF ITS MEMORANDUM OF UNDERSTANDING ("MoU") WITH ITS JOINT VENTURE PARTNERS TO EXPLORE A SALE OF TECHNIKA
The Company announced on 30 May 2008 a co-development agreement to build an 800,000 square feet business park development project in NOIDA Sector 132 ("Technika"). The Company subsequently acquired a 31.75% equity interest in the joint venture Special Purpose Vehicle ("SPV"). To date, the SPV has held the development land and no construction has commenced.
The Company announced on 10 August 2009 that it had entered into an agreement which permits Pasco Infotech, a joint venture partner, a limited period of time to seek a purchaser of the SPV, with each partner committing to sell their shares in the holding SPV provided that a sale occurs within 180 days from signing the agreement.
The Company and its joint venture partners have now agreed to extend this MOU on the same terms and conditions for a further 90 days.
For further information please contact:
David Jeffreys, Chairman, Alpha Tiger +44 (0) 1481 723 450
Brad Bauman, Fund Manager, Alpha Tiger +91 9980 00 11 22 (India)
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