CDL: Announcement on Change of Interest in Subsidiary Companies

Change - Change in Corporate Information::Announcement on Change ... Page 1 of 1

Change - Change in Corporate Information::Announcement on Change of Interest in Subsidiary Companies

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CITY DEVELOPMENTS LIMITEDChange - Change in Corporate Information 11-Dec-2018 17:57:07

New

Announcement on Change of Interest in Subsidiary Companies

SG181211OTHR8FOW

Shufen Loh @ Catherine Shufen Loh

Company Secretary

Please refer to the attached Announcement on change of interest in Centro Investment Holding Pte. Ltd. and its Subsidiary, Centro Property Holding Pte. Ltd.

New

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&... 12/11/2018

CITY DEVELOPMENTS LIMITED (Co. Reg. No. 196300316Z)

Announcement on Change of Interest in Centro Investment Holding Pte. Ltd. and its Subsidiary, Centro Property Holding Pte. Ltd.

The Board of Directors of City Developments Limited (the "Company" or "CDL") wishes to announce that Central Mall Pte. Ltd., a wholly-owned subsidiary of the Company had on 11 December 2018 acquired the entire issued share capital of Centro Investment Holding Pte. Ltd. ("CIH") (the "Shares").

The Shares were acquired from Golden Crest Holdings Pte. Ltd. ("Golden Crest"), a joint venture company in which the Company's indirect wholly-owned subsidiary, Bestro Holdings Limited, and the other unrelated party, Golden Spot LLP, hold shares in the ratio of 80:20.

The total consideration for the transaction is approximately S$29.3 million, being the adjusted net asset value of the Shares including the assignment of outstanding shareholders' loan.

Following the acquisition of the Shares, CIH and its wholly-owned subsidiary, Centro Property Holding Pte. Ltd., have become wholly-owned subsidiaries of the Company.

The acquisition of the Shares is not expected to have any material impact on the net tangible assets or earnings per share of CDL Group for the financial year ending 31 December 2018.

None of the Directors or controlling shareholders of the Company has any interest in the Shares transaction.

By Order of the Board

Shufen Loh @ Catherine Shufen Loh Company Secretary

Date: 11 December 2018