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Prosperity International Holdings (H.K.) Ltd Updates On Acquisition Of Billion Win Capital Limited And Dispute Regarding Mining Rights In Sri Jaya II


Monday, 30 Sep 2013 07:27am EDT 

Prosperity International Holdings (H.K.) Ltd announced that with reference to the announcement made earlier, in relation to the proposed acquisition of the entire equity interests in Billion Win Capital Limited. Rapat Teguh (the holder of the Sri Jaya II Mining Lease) and Phoenix Lake have recently informed the Company that the dispute (the Dispute) regarding the mining rights in Sri Jaya II has now been resolved. The Company was informed that following settlement discussions among themselves, the relevant parties, including Rapat Teguh, Mega Utama and Phoenix Lake entered into a deed of settlement (the Settlement Deed) on August 24, 2013, pursuant to which the parties have agreed to settle their differences as follows: Each party would drop its claims or demands without compensation being paid to it; Each of the Sri Jaya II Mining Agreement and the Sri Jaya II Exclusive Operation Agreement would be terminated without compensation being paid by one party to another; Legal proceedings brought by Rapat Teguh against Mega Utama, Phoenix Lake and others would be dropped without compensation being paid by any party to the other. Upon the execution of the Sri Jaya II New Mining Agreement, Phoenix Lake has provided Rapat Teguh with a prepayment (the ‘Prepayment) of MYR10 million which is deductible against future extractions of iron ore by Phoenix Lake. 

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