MCK
27/02/2015 14:58
ASSET
PRICE SENSITIVE
REL: 1458 HRS Millennium & Copthorne Hotels New Zealand Limited
ASSET: MCK: MCK: KIN Holdings Ltd completion announcement
Further to its announcements on 24 December 2014 and 9 February 2015,
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) advises that it
has today completed the acquisition from Tai Tak Holdings Pte Ltd (Tai Tak)
of the 38.7% interest in KIN Holdings Limited (KIN Holdings) which MCK does
not already own.
KIN Holdings is currently the holding company for MCK's Australian operations
and assets, which include the residential units at the Zenith Residences in
Sydney and a sales office.
The purchase price for the acquisition of the shares was NZ$31 million in
cash, which is subject to a post completion adjustment relating to Tai Tak's
38.7% share of the adjusted net profit or loss (as applicable) of KIN
Holdings in respect of the period from 1 August 2014 to 31 December 2014.
ENDS
Enquiries:
Millennium & Copthorne Hotels New Zealand Limited (09) 353 5058
BK Chiu
Managing Director
End CA:00261282 For:MCK Type:ASSET Time:2015-02-27 14:58:05
