Creative Master: enters into MOU with the Amanresorts Group, the owner and operator of high quality luxury resorts worldwide.
Amanresorts will offer for sale, the entire equity interest in PT Amanresorts Indonesia, which is the lessee of a plot of land measuring ~ 15.3k sm and situated in the vicinity of the Amanusa resort. The lease term is for 30 years commencing on 1 Jan 2005...
Upon completion of the Acquisition, Creative Master will construct a spa and other facilities to compliment and enhance the Amanusa resort experience, and shall lease the Spa to the Amanresorts Group for a period of not less than 5 years. The Spa will be managed by the Amanresorts Group as an amenity to the Resort.
Stock has been making losses for the past 4 fiscal yrs, and trades at 3.6x P/B.
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