Canadian Imperial Investment Pte. judgment against Pacific Century Regional Development Ltd.
CML Global Capital - Press Release
TSE:CNF
VANCOUVER, Sept. 18 /CNW/ - Canadian Imperial Investment Pte. Ltd.
("CII"), a wholly-owned subsidiary of CML Global Capital Ltd. ("CML"), has
been awarded judgment today in a legal action against Pacific Century Regional
Development Ltd. ("PCRD") in Singapore.
In the action, CII alleged a breach by PCRD of the terms of the
shareholders' agreement ("Agreement") made between CII and PCRD relating to
the joint venture project in Shanghai for the development of the Shanghai
Parkade. CII's claim was for damages against PCRD for the latter's failure to
comply with the tag-along rights of CII, which rights were triggered by PCRD's
sale of its interest in Quinliven Pte. Ltd. to Tricom Holdings Limited,
subsequently renamed Pacific Century Cyberworks Ltd. ("PCCW").
The action was tried before the High Court of Singapore in April, 2000.
CML has been informed by its counsel, Davinder Singh SC of Drew & Napier, that
the judgment was handed down today in Singapore. In the judgment, the High
Court ruled in favour of CII and awarded damages and costs to be assessed on
the basis that CII should have received 27,387,097 shares of PCCW pursuant to
the tag-along rights, and costs. CML will diligently pursue realization of the
judgment, which judgment may be subject to an appeal by PCRD.
PCCW is a publicly-traded company listed on the Stock Exchange of Hong
Kong. The trading range of the stock was HK$10.40 to HK$11.40 on September 18,
2000.
CML is an investment firm. In North America, the depth of our balance
sheet is represented by office commercial real estate through our subsidiary,
Aspen Properties Ltd. In Asia, we control Imperial Parking (Hong Kong) Ltd.,
today the second largest car park traffic management operator in Hong Kong
with expanding operations in Shanghai. In the Internet and New Media business,
we have a significant stake in Chalk.com Network. Chalk.com Network has a
unique business that merges an online and offline presence with technology to
empower e-commerce. Chalk has significant agreements in television, radio,
print, and in-flight programming distribution coupled with online distribution
partnerships with Yahoo!, Radio Shack, Excite, Symantec, Electronic Boutique,
Targus, and others.
For more details on CML, please visit our website:
cmlglobal.com
%SEDAR: 00004876E
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For further information: Eric Kong, President, (604) 684-7411
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