(Co. Reg. No. 196800586R)
(Incorporated in the Republic of Singapore)
The Board of Directors of Lion Asiapac Limited (the "Company") refers to the
Company's announcements on 17 December 2012, 27 December 2012, 16 July
2013 and 16 October 2013 relating to the acquisition (the "Acquisition") of land in Yangzhou, the People's Republic of China ("PRC"), and wishes to announce that the registered capital of Yangzhou Lion Property Development Co Ltd ("YLPD") has been fully injected.
As set out in the Company's announcement dated 16 July 2013, YLPD, a company incorporated in Yangzhou, PRC, is wholly owned by LAP Development Pte Ltd, which in turn is a wholly-owned subsidiary of the Company.
Following the resolution of issues with the Yangzhou authorities as described in the Company's announcement dated 16 October 2013, an aggregate amount of US$25.44 million (approximately RMB 156.0 million), being the balance 85% of the registered capital of YLPD, has been injected into, and verified by the auditors of, YLPD, pursuant to the relevant PRC regulations.
Accordingly, the registered capital of YLPD of US$30 million (approximately RMB
184.1 million) has been fully paid up. The balance land cost of approximately RMB
84.0 million has also been settled by YLPD with the Yangzhou Municipal State- Owned Land Resource Administration Bureau.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition nor the capital injection.
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4. SHAREHOLDERS' APPROVAL AND CIRCULAR TO BE DESPATCHED TO SHAREHOLDERS
As previously disclosed in Section 3 of the Company's announcement dated 17
December 2012, the Acquisition constitutes a "major transaction" under Chapter 10 of the Listing Manual and accordingly will be subject to shareholders' ratification of the same. The circular to the shareholders containing, inter alia, further details of the Acquisition and a notice of the extraordinary general meeting to be convened to seek shareholders' ratification of the Acquisition will be despatched to shareholders in due course.
BY ORDER OF THE BOARD LION ASIAPAC LIMITED
Tan Yen Hui
Company Secretary
Singapore, 31 October 2013
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