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Reliance-OSW (Nominees)
Pty Ltd ("ROSW") and Avillion Hotels International (Sydney) Pty Ltd ("AVHI")
have on 15 January 2007 entered into two (2) separate agreements as
follows:-
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a. |
Business Sale Deed entered between ROSW, AVHI and Schwartz Family
Co. Pty Ltd ("SFC") for the disposal of the business of Avillion
Hotel, Sydney on an "on-going concern" basis; and |
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b. |
Contract of Sale of Land entered between ROSW and SFC for the disposal
of Avillion Hotel, Sydney. |
The
total consideration for the disposal of the business and hotel is AUD115
million. The Company is expected to receive a cash contribution of
approximately AUD22.3 million upon completion of the transactions in March
2007.
ROSW and AVHI are 49%
associated companies of IJM International (BVI) Limited, a wholly-owned
subsidiary of the Company.
None
of the Directors nor substantial shareholders of the Company, or persons
connected with them, has any interest, direct or indirect, in the
transactions. The transactions will not have any significant effect on the
earnings and net assets per share of the Company for the financial year
ending 31 March 2007. |
