Asset Acquisitions and Disposals::Announcement on Completion of the Sale of Cash-...

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Asset Acquisitions and Disposals::Announcement on Completion of the Sale of Cash-Flows of Cityview Place

Holdings Pte. Ltd.

Issuer & Securities

Issuer/ Manager

CITY DEVELOPMENTS LIMITED

Securities

CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09

Stapled Security

No

Announcement Details

Announcement Title

Asset Acquisitions and Disposals

Date & Time of Broadcast

22-Dec-2014 18:27:10

Status

New

Announcement Sub Title

Announcement on Completion of the Sale of Cash-Flows of Cityview

Place Holdings Pte. Ltd.

Announcement Reference

SG141222OTHRI8GT

Submitted By (Co./ Ind. Name)

Enid Ling Peek Fong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

Please refer to the attached Announcement in relation to the subject matter.

Attachments

2212_CDL.pdf

Total size =30K


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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announce...

22/12/2014

CITY DEVELOPMENTS LIMITED (Incorporated in the Republic of Singapore) Company Registration No. 196300316Z ANNOUNCEMENT COMPLETION OF THE SALE OF CASH-FLOWS OF CITYVIEW PLACE HOLDINGS PTE. LTD.


City Developments Limited (the "Company") is pleased to announce that further to the announcement made by the Company on 16 December 2014, the sale of the present and future cashflow of the dividends and other shareholders' distributions (the "Dividends") in its wholly-owned subsidiary, Cityview Place Holdings Pte. Ltd. ("Cityview"), pursuant to the conditional sale and purchase agreement ("SPA") between its wholly-owned subsidiary Baynes Investment Pte. Ltd. ("Baynes") and Sunbright Holdings Limited ("Sunbright"), has been successfully completed today.
As requested by SGX-ST, the Company also wishes to announce that assuming the loan repayment of S$700 million (to be made by Cityview to the Company to discharge the existing shareholder's loan) is aggregated with the consideration of S$800 million (to be paid by Sunbright to Baynes for the sale and purchase of the cashflow from the Dividends), for the purpose of disclosure under Rule 1006(c) of the SGX-ST Listing Manual, the aggregated value of S$1.5 billion when compared with the Company's market capitalisation, based on the total number of issued shares excluding treasury shares, gives rise to
a relative figure of 16.5%.1
By Order of the Board of

CITY DEVELOPMENTS LIMITED

Shufen Loh @ Catherine Shufen Loh
Enid Ling Peek Fong
Company Secretaries
22 December 2014

1 On the basis of the Company's shares' weighted average price on SGX-ST of S$10.0128 (as of 12 December 2014, being the market day immediately preceding the date of the SPA).

distributed by