We wish to announce that MIB had on 16 May 2014, entered into a Share Purchase Agreement with Lemongrass Master Fund I (“Purchaser”) and AF Investments Limited (“AFIL”) for the proposed disposal by MIB, of its entire 100% equity interest in AFIL to the Purchaser for a total consideration of USD10 million (equivalent to approximately RM32 million) [hereinafter referred to as the “Proposed Disposal”].  AFIL holds 70% equity interest in Indochine Park Tower Joint Venture Company (“IPT”).  As a result of the Proposed Disposal, AFIL and IPT will cease to be subsidiaries of MIB.

AFIL, a wholly-owned subsidiary of MIB, is a company incorporated in Hong Kong with an authorised and paid-up share capital of HKD10,000 and HKD2 respectively. The principal activity of AFIL is investment holding. 

IPT, which is 70% owned by AFIL, is a company incorporated in Vietnam.  IPT is the owner and operator of Indochine Park Tower, an 18-storey serviced residences building located at Ho Chi Minh City, Vietnam, which comprises 55 fully serviced 3-bedroom apartments and penthouses ranging from 128 to 249 square metres each.

The Proposed Disposal is expected to contribute positively to the earnings per share and net assets per share of MIB Group, and it has no effect on the share capital and substantial shareholders’ shareholdings of MIB.

The Proposed Disposal does not require approval from the shareholders of MIB.

None of the directors or substantial shareholders of MIB or persons connected with them has any interest, whether direct or indirect in the Proposed Disposal. 


This announcement is dated 19 May 2014.