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Duty Free International Ltd Announces Internal Reorganisation Exercise And Disposal Of Certain Equity Interests In Border Town And Airport Businesses And Down Town Businesses


Friday, 22 Nov 2013 05:34am EST 

Duty Free International Ltd announced that the Group intends to undergo an internal reorganisation exercise to restructure its indirect subsidiary, Orchard Boulevard Sdn Bhd (OBSB) into a direct subsidiary of the Company, and to streamline the shareholdings of the various companies within the Group for more efficient administration; the Group also intends to dispose of about 30% equity interest in its border town and airport businesses (the Border Town-Airport Business Disposal) and approximately 70% equity interest in its down town businesses (the Down Town Business Disposal) through a disposal of the Border Town-Airport Sale Shares and the Down Town Sale Shares to an unrelated third party, Rebana Kristal Sdn Bhd (the Purchaser) (the Disposals); and contemporaneous with the Disposals, the current intermediate holding company of the down town, border town and airport businesses, DFZ Capital Berhad (DFZ, a wholly-owned subsidiary of the Company) had on November 22, 2013, subscribed for 10,000 convertible redeemable preference shares (CRPS) each in the down town, border town and airport companies, namely Seruntun Maju Sdn Bhd (SMSB), Emas Kerajang Sdn Bhd (EKSB), DFZ Emporium Sdn Bhd (DFZE), Wealthouse Sdn Bhd (WSB) and DFZ (M) Sdn Bhd (DFZM) (the CRPS Issue). The aggregate consideration for the Border Town-Airport Sale Shares payable by the Purchaser to DFZ and DFZT is RM3,670,000 (the Border Town-Airport Consideration). 

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