To report the Board of Directors' resolution and the signing of Share Purchase and Sale Agreement in AP Pacific Star (Ratchada) Co., Ltd. and AP Pacific Star (Sathon) Co., Ltd.

BackSep 14, 2010

13 September 2010

Re : To report the Board of Directors' resolution and the signing of Share Purchase and Sale Agreement in AP Pacific Star (Ratchada) Co., Ltd. and AP Pacific Star (Sathon) Co., Ltd.

To : Director and Manager, the Stock Exchange of Thailand

We, Asian Property Development Plc. ("AP"), would like to inform that the Board of Directors' meeting no. 10/2010 taken place on September 13, 2010 approved the resolution to purchase ordinary shares in AP Pacific Star (Ratchada) Co., Ltd. ("APPS Ratchada") from AREPDF Evergreen RAT Limited, at the number of 36,015,000 shares, at a price of Baht 13.5777 per share, representing a total amount of Baht 489,000,000. This share amount is equivalent to 49% of the total shares in APPS Ratchada. The Board of Director also approved the resolution to purchase ordinary shares in AP Pacific Star (Sathon) Co., Ltd. ("APPS Sathon") from AREPDF Evergreen SAT Limited, at the number of 31,850,000 shares, at a price of Baht 10.7692, representing a total amount of Baht 343,000,000. This share amount is equivalent to 49% of the total shares in APPS Sathon. After the transaction is completed, AP will own 99.99% shares in both entities.

In additional, the Company has already signed the Share Purchase and Sale Agreement to buy such shares in both entities on the same date. The Sell and Purchase date will be on 1 October 2010 and AP shall notify the Stock Exchange of Thailand (SET) for further progress regarding the share transaction according to the relevant laws and regulations.

The aforementioned transaction sizes are 2.46% (APPS Ratchada) and 2.09% (APPS Sathon) of the Company's total asset (according to the Company's audited financial statements as of 30 June 2010). These transactions, including previous transactions during the past 6 months, do not comply with any of the SET's regulation on the acquisition and disposal of assets or connected transactions.

 

Please be informed accordingly.

 

Yours Faithfully,

/S/

(Mr. Pumipat Sinacharoen)
Company Secretary

Attachments

  • 2010-09-14_AP_EN.pdf (Size: 30,477 bytes)