pavilion acquiring the mall wo

http://www.gob.com.my/investor-relations.php

The Board of Directors of Global Oriental Berhad ("GOB") is pleased to announce that Equine Park Country Resort Sdn. Bhd. (“EPCR”), a wholly-owned subsidiary of Taman Equine (M) Sdn Bhd which in turn is a wholly-owned subsidiary of the Company, had on 17 September 2015 entered into a conditional sale and purchase agreement with AmTrustee Berhad, acting solely as trustee for Pavilion Real Estate Investment Trust (“Pavilion REIT”), for the sale of a 5-storey shopping mall with a lower ground floor known as “da:men USJ” together with 1,672 car park bays which form part of the mixed development project currently undertaken by EPCR in USJ, Subang Jaya, Selangor for a total cash consideration of RM488 million (“Proposed Sale”). The sale proceeds arising from the Proposed Sale will be utilised to settle bank borrowings as well as to finance working capital of the group.

As the Proposed Sale undertaken by EPCR is in its ordinary course of business as a property developer, the approval from the shareholders of GOB would not be required. No other regulatory approval is required for the Proposed Sale.

None of the directors, major shareholders and/or persons connected with any of them has any interests, direct or indirect, in the Proposed Sale.

The Proposed Sale is expected to be completed in the first quarter of 2016.

This announcement is dated 17 September 2015.