IPC : Proposed Divestment Of The Group's Assets In Zhuhai
May 09, 2018 at 10:21 am EDT
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IPC CORPORATION LTD
(Company Registration Number: 198501057M)
PROPOSED DIVESTMENT OF THE GROUP'S ASSETS IN ZHUHAI
1. INTRODUCTION
The Board of Directors (the "Board") of IPC Corporation Ltd (the "Company", and together with its subsidiaries, the "Group") wishes to announce that the Group
intends to explore its options with respect to the proposed divestment of its hotel property and assets in Zhuhai in the People's Republic of China ("PRC") (the "Zhuhai Assets") (the "Proposed Divestment").
The Company will be seeking specific approval from shareholders of the Company ("Shareholders") for the Proposed Divestment, on the terms of a general mandate
("General Mandate") to be set out in a circular to Shareholders ("Circular") to be despatched in due course together with the notice of an extraordinary general meeting ("EGM") to be convened for such purpose. The Circular will contain, inter alia, information on the Proposed Divestment and further details on the General Mandate.
2. RATIONALE FOR THE PROPOSED DIVESTMENT
In the event that the Proposed Divestment is completed, the Board will consider distributing the net sales proceeds (or a significant part thereof) to the Shareholders.
In addition to the foregoing, the Board may also concurrently explore other investment opportunities that may provide additional revenue streams to the Group, to enhance the Group's operating performance.
3. CIRCULAR
A circular to Shareholders containing, inter alia, information on the Proposed
Divestment and further details on the General Mandate, together with the notice of the EGM to be convened, will be despatched to Shareholders in due course.
4. INTERESTS OF THE DIRECTORS AND SUBSTANTIAL SHAREHOLDERS
None of the directors and substantial shareholders of the Company has any interest, direct or indirect, in the Proposed Divestment (other than through their respective shareholdings in the Company, if any).
5. FURTHER ANNOUNCEMENTS
As at the date of this announcement, no agreement or arrangement has been entered into, and no buyer has been identified, in connection with the Proposed Divestment.
The Company will make further announcements as and when there are material developments in respect of the Proposed Divestment.
6. TRADING CAUTION
Shareholders and potential investors are advised to exercise caution when dealing or trading in the securities of the Company as there is no certainty or assurance that the
Proposed Divestment will materialise. Shareholders and investors are also advised to read this announcement and any further announcements by the Company carefully, and where in doubt as to the action that they should take, they should consult their financial, tax or other professional adviser immediately.
On Behalf of the Board
Ngiam Mia Hong Alfred Executive Director
9 May 2018
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IPC Corporation Limited published this content on 09 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 May 2018 14:20:01 UTC
IPC Corporation Ltd is a Singapore-based company that is engaged in investment holding, property investment and property development. The Companyâs segments include Properties, Hotel management, Investment and Others. Its business segments operate in three geographical areas: Singapore, China and Japan. The Singapore operations are involved in investments in Singapore. The China operations are principally property investment, property development and hotel management. The Japan operation is engaged in the investment of convertible preference shares in Nest HOTEL Japan Corporation (NHJC). The Company has a portfolio of over 17 hotels in Japan under its management under the nest, Bespoke and Tissage brands. The principal activities of its subsidiaries are investment holding, property investment and property development, investing and reselling properties, property consulting, hospitality services and operating fast food outlets, and manufacturing food products.