[2008-02-08]  Sun Resorts Limited-REGIONAL EXPANSION
In line with its strategy of regional expansion, the Board of Sun Resorts Ltd (SRL) wishes to inform its shareholders and the public in general that a Term Sheet has been signed with Kerzner International Ltd (KZL) whereby SRL intend to acquire 100% of the shareholding of One & Only Kanuhura Limited, a 5 star 100-room hotel located on Lhaviyani atoll in the Republic of Maldives, together with the management agreement that KZL has with this hotel.
As part of the consideration for the above transaction, SRL has agreed to sell its remaining stake in the company owning the 34 Arpents of land presently used by the golf course – holes 2 to 8 – adjacent to the One&Only Le Saint Géran to KZL.
The Board of SRL is of the opinion that the above asset swap will create immediate value for the shareholders of SRL whereby unutilised land is being partly exchanged for a well established hotel.
The above transactions will be subject to a due diligence exercise and all relevant regulatory approvals being obtained.
The Shareholders of SRL and the public in general will be kept informed of further developments in these matters and are advised to exercise caution when dealing in SRL shares.
These transactions may fall under chapter 13 of the Listing Rules of the Stock Exchange of Mauritius.
By Order of the Board
S P Rey
Secretary
6 February 2008
This communiqué is made pursuant to Listing Rule 11.3
The Board of Directors of Sun Resorts Ltd accepts full responsibility for the accuracy of the information contained in this communiqué
Source: © 2003 Associated Brokers Ltd.