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News
Macao Studio City
CapitaLand Limited ("CapitaLand") refers to the announcement entitled "Update Relating to the Macao Studio City Litigation" issued by eSun Holdings Limited ("eSun") on 19 July 2010. 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 ("New Cotai") in the proportions of 60% and 40% respectively.
3. The legal proceedings are undertaken solely by eSun and its representatives on the board of EAST for and on behalf of EAST. A ruling at first instance has been given by the High Court of Hong Kong Special Administrative region on 16 July 2010 in which some but not all of the interlocutory applications made by New Cotai and other defendants were granted and which resulted in the striking out of certain claims made by EAST (on a derivative basis). The litigation continues.
4. The said ruling does not result in any requirement for CapitaLand and, inter alia, its representatives on the board of EAST to make any payment to New Cotai LLC and the other defendants and therefore the said ruling 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 2010.
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 ("New Cotai") in the proportions of 60% and 40% respectively.
3. The legal proceedings are undertaken solely by eSun and its representatives on the board of EAST for and on behalf of EAST. A ruling at first instance has been given by the High Court of Hong Kong Special Administrative region on 16 July 2010 in which some but not all of the interlocutory applications made by New Cotai and other defendants were granted and which resulted in the striking out of certain claims made by EAST (on a derivative basis). The litigation continues.
4. The said ruling does not result in any requirement for CapitaLand and, inter alia, its representatives on the board of EAST to make any payment to New Cotai LLC and the other defendants and therefore the said ruling 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 2010.
Attachments
- Attachment 1 (Size: 26,145 bytes)