Homepage
PR Newswire
29-08-2013, 05:12 PM
(29-08-2013, 04:45 PM)KopiKat Wrote: All guessed wrongly...
POTENTIAL DISPUTE RELATING TO MYANMAR BREWERY LIMITED (MBL)
Fraser and Neave, Limited (the Company) wishes to inform its shareholders that it received yesterday a letter from the lawyers of Myanma Economic Holdings Limited (MEHL), the Companys joint venture partner in Myanmar Brewery Limited (MBL), stating MEHLs intention to issue a notice of arbitration in respect of a potential claim relating to the Companys shares in MBL.
The Company currently holds 55 per cent. of the issued shares of MBL (the MBL Shares) with the remaining 45 per cent. held by MEHL. The Company and MEHL are parties to a joint venture agreement (JVA) relating to MBL, which governs their respective shareholdings in MBL. MEHL had purported to rely on the JVA to give notice to the Company to sell to MEHL or its nominee all of the Companys MBL Shares. The Company maintains that there is no basis for MEHL to give that notice. The Company has engaged lawyers and intends to vigorously resist the claim.
The Company is currently assessing the financial impact of the potential dispute. The Company will make further announcements, as appropriate, to update shareholders.
In the meantime, shareholders of the Company are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing with shares in the Company.
this is really a bolt out of the blue... MBL must have alot of potential for MEHL to do this....