Live Company Regulatory News (LVCG)

11 Jan 2006 07:00

Parallel Media Group Plc PMG Announces Maybank as Title Sponsor of Malaysian Open Parallel Media Group plc (`PMG' or `the Company') announces that Maybank, oneof Malaysia's leading banks, will assume the position of Title Sponsor of theMalaysian Open, a golf tournament promoted by Parallel Media Asia Limited(PMA), of which PMG is currently a 49% shareholder. The event, one of therichest golf tournaments in Asia, is sanctioned by both the PGA European Tour(European Tour) and the Asian Tour and will offer prize money of US$1.25million in 2006.The news follows PMG's recent staging of the UBS Hong Kong Open, one of Asia'smost prestigious and longest running tournaments, won in December 2005 byScotland's Colin Montgomerie. The tournament, one of the few sporting events toreceive official support from the Hong Kong Government (by way of the coveted"M" Mark) will offer prize money of US$2 million in 2006. Swiss Financial firmUBS, the title sponsor of the event, plans to increase the purse further, to ananticipated US$2.5 million by 2008.Under PMG's agreement with the European Tour, the Company retains the exclusivesponsorship selling rights for all PMA's Asian promoted events (currentlyfive), including the UBS Hong Kong Open, the Maybank Malaysian Open, SingaporeMasters, Indonesia Open and TCL Classic in China, making the company thelargest promoter of co-sanctioned golf events on the European Tour in theregion. PMG receives 49% of any profits generated by PMA-promoted tournaments,in addition to a 10% commission on all sponsorship sales made in relation tothese events. Datuk Amirsham A Aziz, President and CEO of Maybank said, "Maybank is proud andexcited to be associated with such a marquee event. We have witnessed thetremendous growth of the Malaysian Open through the years and we are pleased tonow play a major role in the further development of our N ational Open on theinternational stage." David Ciclitira, Chairman & CEO of PMG stated, "We are delighted to welcomeMaybank as title sponsor of the Malaysian Open. This five-year agreement withMaybank offers PMG long term visibility and ensures the continued growth of thetournament." For more information, please contact:David Ciclitira/Charles PerringChairman & CEO/Director of GolfParallel Media Group+44 (0) 207225 2000Pam Spooner/Leesa PetersConduit PR+44 (0) 207429 6604/00ENDPARALLEL MEDIA GROUP PLC