28 Aug 2014 16:31
For immediate release 28 August 2014
MILLENNIUM & COPTHORNE HOTELS PLC
(THE COMPANY)
Tanglin Shopping Centre, Singapore update
On 6 November 2013, the Company announced that its wholly-owned subsidiary, King's Tanglin Shopping Pte Ltd, had signed a Collective Sale Agreement ("CSA") with respect to its strata-titled interest in Tanglin Shopping Centre, a shopping-cum office complex situated at Tanglin Road in the Orchard Road shopping and tourist district of Singapore.
The Company is now reporting that the CSA for the sale of the Tanglin Shopping Centre has expired since the requisite number of owners did not approve the listing and sale of the property by 27 August 2014. A further announcement on the Tanglin Shopping Centre will be provided as and when appropriate.
Enquiries: +44 (0)20 7872 2444
Jonathon Grech, Company Secretary
Peter Krijgsman, Financial Communications (Media)
Note:
King's Tanglin Shopping Pte Ltd owns 85 freehold strata units out of a total of 363 units which represents approximately 34 per cent of the share value in Tanglin Shopping Centre. The units are comprised of 83 retail/office units and 325 car park lots (representing two units) which have been held as a long-term investment since 1981.