.jpg)
News
Macao Studio City
CapitaLand Limited ("CapitaLand") refers to the announcement entitled Litigation in respect of the Macao Studio City project issued by eSun Holdings Limited ("eSun") on 29 October 2009. A copy of eSun's announcement is attached.
CapitaLand wishes to state as follows:
1. East Asia Satellite Television (Holdings) Limited ("EAST") is the joint venture company with eSun through which CapitaLand has invested an effective 20% interest in the proposed Macao Studio City ("MSC") project.
2. The MSC project is held directly by EAST and New Cotai LLC in the proportions of 60% and 40% respectively.
3. Prior to commencing the legal proceedings against New Cotai LLC and others (collectively, "NCH"), EAST has obtained legal advice that, based on the information provided by eSun, it has reasonable prospects of obtaining the reliefs it is seeking in the legal proceedings.
4. The litigation is undertaken solely by eSun and its representatives on the board of EAST for an on behalf of EAST, in conjunction with eSun's legal adviser.
5. eSun has prior to the commencement of the legal proceedings against NCH, affirmed an indemnity in favour of CapitaLand and, inter alia, its representatives on the board of EAST (collectively, "CapitaLand and its Nominees") in respect of any losses which CapitaLand and its Nominees may suffer arising from or as a result of claims made against CapitaLand and its Nominees by NCH as a result of the legal proceedings against NCH, subject to there being no fraud or willful default on the part of CapitaLand and its Nominees.
6. The legal proceedings commenced by EAST in the Hong Kong SAR against NCH is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2009.
CapitaLand wishes to state as follows:
1. East Asia Satellite Television (Holdings) Limited ("EAST") is the joint venture company with eSun through which CapitaLand has invested an effective 20% interest in the proposed Macao Studio City ("MSC") project.
2. The MSC project is held directly by EAST and New Cotai LLC in the proportions of 60% and 40% respectively.
3. Prior to commencing the legal proceedings against New Cotai LLC and others (collectively, "NCH"), EAST has obtained legal advice that, based on the information provided by eSun, it has reasonable prospects of obtaining the reliefs it is seeking in the legal proceedings.
4. The litigation is undertaken solely by eSun and its representatives on the board of EAST for an on behalf of EAST, in conjunction with eSun's legal adviser.
5. eSun has prior to the commencement of the legal proceedings against NCH, affirmed an indemnity in favour of CapitaLand and, inter alia, its representatives on the board of EAST (collectively, "CapitaLand and its Nominees") in respect of any losses which CapitaLand and its Nominees may suffer arising from or as a result of claims made against CapitaLand and its Nominees by NCH as a result of the legal proceedings against NCH, subject to there being no fraud or willful default on the part of CapitaLand and its Nominees.
6. The legal proceedings commenced by EAST in the Hong Kong SAR against NCH is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2009.
Attachments
- Attachment 1 (Size: 25,849 bytes)