MIIF

MIIF: is considering the divestment of its 47.5% interest in Taiwan Broadband Communications (TBC) to Asian Pay TV Trust (APTT). APTT is a business trust seeking to list on SGX Mainboard. MIIF will convene a special general meeting to seek shareholders approval for the divestment, to be carried out at or above the min valn of $469.5m, which translates to $0.408 per MIIF share (on par with DBSV’s estimate of TBC valuation in a Dec ’12 report). If the proposed divestment completes, MIIF shareholders may elect to receive the consideration in the form of APTT units, or in cash. The corporate action is therefore conditional upon the successful listing of APTT. At $0.59, the counter trades at 0.84x P/B.