The
Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever
arising from or in reliance upon the whole or any part of the contents
of this announcement. DISCLOSEABLE TRANSACTION The
Directors of Guoco Group Limited ("Guoco") are pleased to announce
that First Capital Corporation Ltd ("FCC"), a 58% subsidiary
of Guoco, has successfully been awarded tenders (the "Tenders")
for the leases of 3 Land Parcels in Singapore; Land Parcel Bishan S3 at
Sin Ming Avenue/Sin Ming Walk, Land Parcel 521 at Tanjong Rhu and Land
Parcel 523 at Robinson Road, at an aggregate Land Price of S$566,634,600
(approximately HK$3,132.81 million). The
Land Prices are payable to the Commissioner of Lands for the Republic of
Singapore in cash by two instalments. The first 25% of the respective Land
Price will be paid within 28 days of the award of the respective Tender
and the remaining 75% of the Land Price will be paid within 90 days of
the award of the respective Tender. The Land Price will be funded from
FCC's internal resources and external borrowings. On
18 December, 1996 and 20 December, 1996 the Urban Redevelopment Authority
of Singapore accepted FCC's tenders for the lease of Land Parcel 521 at
Tanjong Rhu and Land Parcel 523 at Robinson Road for residential development
and commercial development respectively. Land Parcels 521 and 523 have
a leasehold tenure of 99 years each and comprise an area of 23,586 square
metres and 803 square metres respectively (subject to final survey). On
23 December, 1996 the Housing and Development Board of Singapore, which
acts as agent of the Commissioner of Lands for the Republic of Singapore,
accepted FCC's tender for Land Parcel Bishan S3 at Sin Ming Avenue/Sin
Ming Walk. Land Parcel Bishan S3 has a leasehold tenure of 99 years for
residential development and comprises an area of 34,949 square metres (subject
to final survey). Subsidiary
companies of FCC will be incorporated to undertake the development of the
respective Land Parcels. A wholly owned subsidiary of Hysan Development
Company Limited, Teamfine Enterprises Limited, will have a 10% equity interest
in the subsidiary companies to be incorporated for the development of Land
Parcel Bishan S3 and Land Parcel 521, and FCC will have the remaining 90%
equity interest in such subsidiary companies. A wholly owned subsidiary
of FCC will undertake the development of Land Parcel 523. Guoco
is an investment holding company. It has subsidiaries engaging in various
kinds of business including banking, manufacturing and property development.
FCC is an investment holding company with principal core activities in
property investment, property development, property management and financial
services. The acquisition of lands for property development is in line
with FCC's core activities. The
Tenders together constitute a Discloseable Transaction of Guoco under the
Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited. A combined circular containing further details of the 3 Tenders
will be sent to each of the shareholders of Guoco within 21 days from this
announcement. The
Tenders have also been announced by FCC in Singapore where it is publicy
listed on the Stock Exchange. Hong Kong, 27 December, 1996
ANNOUNCEMENTS
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