ACQUISITIONS AND DISPOSALS

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Acquisitions and Disposals :: Non-Mandatory Disclosure :: INCORPORATION OF WHOLLY-OWNED SUBSIDIARIES AND SUBSCRIPTION OF SHARES

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Name of Announcer * ARA ASSET MANAGEMENT LIMITED

Company Registration No. 32276

Announcement submitted on behalf of ARA ASSET MANAGEMENT LIMITED

Announcement is submitted with respect to *

ARA ASSET MANAGEMENT LIMITED

Announcement is submitted by * Lim Hwee Chiang

Designation * Director

Date & Time of Broadcast 16-Jul-2013 18:24:28

Announcement No. 00083

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Announcement Title * INCORPORATION OF WHOLLY-OWNED SUBSIDIARIES AND SUBSCRIPTION OF SHARES

Description INCORPORATION OF WHOLLY-OWNED SUBSIDIARIES AND SUBSCRIPTION OF SHARES IN AB PACIFIC PTY LTD AND ABK PACIFIC RETAIL HOLDINGS PTY LTD

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https://www1.sgxnet.sgx.com/sgxnet/LCAnncSubmission.nsf/vwprint/AD028E7E19364...

16 Jul 13

ANNOUNCEMENT INCORPORATION OF WHOLLY-OWNED SUBSIDIARIES AND SUBSCRIPTION OF SHARES IN AB PACIFIC PTY LTD AND ABK PACIFIC RETAIL HOLDINGS PTY LTD


The Board of Directors of ARA Asset Management Limited (the "Company" or "ARA") wishes to announce the incorporation of ARA Pacific Retail (Holdings) Pte. Ltd. and ARA Pacific Retail Limited as wholly-owned subsidiaries of the Company. ARA Pacific Retail (Holdings) Pte. Ltd. which is incorporated in Singapore, has a paid up capital of S$1 and its principal business activity is investment holding. ARA Pacific Retail (Holdings) Pte. Ltd. holds 100.0% of the shareholding in ARA Pacific Retail Limited ("ARA Pacific Retail"), which is incorporated in the British Virgin Islands, and has a paid up capital of US$1 and its principal business activity is investment holding.
ARA Pacific Retail together with JODA Holdings Pty Ltd (an entity associated with Mr David Paul Blight, a recognised leading figure in the global real estate investment management industry) has established AB Pacific Pty Ltd ("AB Pacific") and will enter into a joint venture agreement in relation thereto. ARA Pacific Retail will own 57.14% of the total issued and paid- up share capital of AB Pacific. The principal business of AB Pacific is investment holding. It is intended that AB Pacific will trade as ARA Australia subject to regulatory approval.
AB Pacific has entered into a separate joint venture agreement with KPG Investment Management Pty Ltd (which is part of the Kilcor Property Group, an Australian based privately owned real estate group) (the "Joint Venture") to establish ABK Pacific Retail Holdings Pty Ltd ("ABK Pacific"), with AB Pacific holding 70.0% of the interest in ABK Pacific and KPG Investment Management Pty Ltd holding the other 30.0% interest.
The business of the Joint Venture includes, among other things, exploring the establishment of an ASX listed retail real estate investment trust.
The above transactions are not expected to have any material impact on the Company's financial position for the current financial year.
None of the Directors or the controlling shareholders of the Company has any interest, direct or indirect, in the above transactions.
By Order of the Board
ARA Asset Management Limited
Lim Hwee Chiang
Director
16 July 2013

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