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SGX Catalist-Listed CCM Group To Invest US$4.3 Million To Tap Real Estate Opportunities In The United States
SINGAPORE, 12 February 2014 SGX Catalist-listed CCM Group Limited (CCM or the Company) announced today that its wholly-owned property development and investment subsidiary CCM Property Pte. Ltd. (CCMP) will invest US$4.3 million (S$5.5 million) to purchase (the Land Investment) a 136-acre parcel of land in Houston, Texas, the United States (the Land). CCMP intends to incorporate a wholly-owned subsidiary in Singapore which will hold a 60%stake in a limited partnership domiciled in Texas (the Partnership Vehicle) created for the purpose of holding the Land. The remaining 40%-stake in the Partnership Vehicle will be held by independent third parties. CCM shareholders had on 20 November 2013 approved the proposals to raise up to a combined S$41.0 million - S$36.0 million from the issue of up to 3.42 billion warrants (the Warrants) and a further S$5.0 million from the issue of exchangeable notes. The Land Investment will be financed by proceeds raised to date from the exercise of the Warrants. Compared to Asia, the U.S. real estate market appears to be in a stage of its market cycle in which investment opportunities continue to exist. We will carefully assess these opportunities with a view to enhancing shareholder value, said Mr Joseph Liew, CCMs Executive Chairman and Chief Executive Officer. Assuming full conversion of the Warrants exercisable for up to three years from the date of issue, CCMs issued share capital base will increase by more than 20-fold to 3.60 billion shares from 171.22 million shares before the issue and conversion of the Warrants. The Company will provide further updates to shareholders as and when there are material developments on the Land Investment.
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Media Release CCM To Invest US$4.3M To Tap Real Estate Opportunities in the United States 12 February 2014 Page 2 of 2 ___________________________________________________________________________________
Issued on behalf of the Company by WeR1 Consultants Pte Ltd: Media & Investor Contact Information WeR1 Consultants Pte Ltd 38A Circular Road Singapore 049394 Tel: (65) 6737 4844, Fax: (65) 6737 4944 Amelia Lee, amelia@wer1.net Lai Kwok Kin, laikkin@wer1.net
CCMs clients typically include property developers, land owners and governmental bodies. For more information, please visit: www.ccmgroup.sg
This press release has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd (the Sponsor), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the SGX-ST). The Company's Sponsor has not independently verified the contents of this press release. This press release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release. The contact person for the Sponsor is Mr Mark Liew, Managing Director, Corporate Finance, at 20 Cecil Street, #21-02 Equity Plaza, Singapore 049705, telephone (65) 6229 8088.