Last checked at 14 Feb 2011 09:06
To: Business Editor For immediate release
HONGKONG LAND ANNOUNCES COMPLETION OF DELISTING OF MCL LAND
14th February 2011 - Hongkong Land Holdings Limited ('Hongkong Land') today announced that its indirect wholly-owned subsidiary, HKL (MCL) Pte. Ltd. ('HKL (MCL)'), has exercised its right of compulsory acquisition to acquire the outstanding stock units in MCL Land Limited ('MCL Land') held by the stockholders who did not accept the Exit Offer for MCL Land first announced on 26th August 2010. Following the compulsory acquisition, MCL Land became a wholly-owned subsidiary of HKL (MCL) on 8th February 2011 and delisted from the Singapore Exchange Securities Trading Limited (the 'SGX-ST') on 14th February 2011.
The Exit Offer was made following the passing of a resolution by MCL Land Stockholders on 23rd November 2010 to delist from the SGX-ST. A total consideration of approximately US$150 million was payable by the Group under the terms of the Exit Offer.
Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential property interests across the region. The Group owns and manages some five million sq. ft of commercial space in Hong Kong that defines the CBD, while in Singapore it has a number of major developments. Its subsidiary, MCL Land, is a prominent developer in Singapore. Hongkong Land is incorporated in Bermuda. It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:
Hongkong Land Limited
John R Witt (852) 2842 8101
GolinHarris
Sue So (852) 2501 7984
This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.
The respective directors of HKL (MCL) and Hongkong Land (including any who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed in this press release (other than those relating to MCL Land) are fair and accurate and that no material facts have been omitted from this press release, and they jointly and severally accept responsibility accordingly. Where any information in this press release has been extracted from published or publicly available sources (including, without limitation, in relation to MCL Land and its subsidiaries and associated companies), the sole responsibility of the respective directors of HKL (MCL) and Hongkong Land has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this press release.