| Wed 16 Nov 2005, 12:09 | | Peermont withdraws from Singapore Resort bid |
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Peermont- Peermont Global Limited withdraws from Singapore Integrated Resort bid
Peermont Global Limited
Registration number 1995/004449/06
Share code: PTG
ISIN code: ZAE000058053
PEERMONT GLOBAL LIMITED WITHDRAWS FROM SINGAPORE INTEGRATED RESORT BID
Peermont Global Limited announced today that the company has decided not to
participate in the Request for Proposals ("RFP") phase of the bidding process
for a gaming concession for an Integrated Resort on the Marina Bayfront site in
Singapore.
Peermont Global Limited has given the Singapore Tourism Board ("STB"), who is
managing the bidding process on behalf of the Singapore government, written
notification of its decision.
Peermont Global Limited was one of the qualifying participants (for the RFP
stage), following its submission of proposals in response to the Request for
Concepts ("RFC") phase at the beginning of 2005. All RFP qualifiers were invited
to collect the final RFP documentation on Tuesday 15 November 2005.
Said Mr. Ernie Joubert, Chief Executive Officer of Peermont Global Limited, "We
are disappointed to be withdrawing from this process, but are confident that
this is the correct decision for Peermont Global Limited."
He continued to motivate his company"s decision: "Our decision to withdraw was
based on a thorough risk: return analysis and assessment of our participation,
the probability of winning, the eventual capital investment required for a
winning bid and, lastly, our confidence in achieving our financial return
hurdles in the completed project. We wish the Singapore government great success
with its Integrated Resort project and are sure that they will be world-class
resorts."
By withdrawing from the Singapore bid process, the company will now be able to
redeploy its resources to a number of other priority initiatives.
Joubert concludes, "We continue to survey opportunities, including considerable
expansion projects at our existing resorts and a number of growth opportunities
within southern Africa and internationally."
About Peermont Global Limited
Peermont Global Limited is a South African-based company with an excellent track
record in the design, development, management and operation of multi-faceted
integrated resorts, which include hotels, casinos, convention centres, retail
centres, restaurants, bars and other sport and entertainment facilities. The
group has a strong market position in South Africa and Botswana, where it has an
ownership interest in, and management responsibility for, three integrated
resorts. These are Emperors Palace Hotel Casino and Convention Resort in
Johannesburg, Graceland Hotel Casino and Country Club in Secunda, and the Grand
Palm Hotel Casino and Convention Resort in Gabarone, Botswana. The group also
has an ownership interest in, and management responsibility for, two hotels in
Botswana, namely the Mondior Summit in Gabarone and Metcourt Lodge in
Francistown, and the Mondazur Resort Estate Hotel at San Lameer, KwaZulu Natal.
16 November 2005
Registered office:
Bridgeport House, Hampton Park, 20 Georgian Crescent East, Bryanston
Sponsor: The Standard Bank of South Africa Limited
Distributed on behalf of : Peermont Global Limited
Ronel Engelbrecht
Tel: 011 267 9200
rengelbrecht@peermont.com
Distributed by : Speakers Corner (Pty) Ltd
Geraldine Trennery
Tel: 082 677 5201/ 011 327 1540
geraldine@speakerscorner.co.za
Samantha Manclark
Tel: 082 556 5188 / 011 327 1540
sam@speakerscorner.co.za
College Hill
Johannes van Niekerk
Tel: 082 921 9110/ 011 447 3030
johannesv@collegehillir.com
-ends-
Date: 16/11/2005 12:09:04 PM Produced by the JSE SENS Department
