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Clarification To Joint Venture With Paris-Based Restaurant Operator To Launch A New Oriental Dining And Bar Concept At The Old Thong Chai Building

BackJul 26, 2001

Further to the announcement of 23 July 2001 on the captioned matter, the Board of Directors of Tung Lok Restaurants (2000) Ltd ("Tung Lok" or "the Company") wishes to clarify that the total investment of S$1.6 million in Club Asiana Pte Ltd ("Club Asiana"), the joint venture company will be financed as follows:-

a) S$900,000/- will be funded from the issued and paid up capital of Club Asiana. The capital of S$900,000/- will be structured as follows:-

Tung Lok 55%
Copilot 45%

Tung Lok will fund its subscription of 495,000 shares from its IPO proceeds.

b) The remaining S$700,000/- will be funded by Club Asiana through hire-purchase, bank borrowings, and advances from Tung Lok and Copilot.