Clarifications by Suntec Singapore on the "co-ownership" of Suntec Convention Centre

On 9 March 2010, Lianhe Zaobao (Singpore’s leading Chinese press) reported that Suntec Singapore had released a one-page statement and a 3-page FAQ in response to City Harvest’s announcement that it will be paying $310m to “co-own” Suntec Convention Centre.

An extract of the Lianhe Zaobao news article, which appeared on page 4 of the paper, is reproduced below:

新达新加坡声明： 城市丰收教会入股 不影响新达新加坡运作

新达新加坡国际会议与展览中心说，通过ARA Harmony基金获得其部分股权的城市丰收教会，在基金的参与不大，也没有董事会席位。它的加入不会影响新达新加坡的正常运作，也不会引发任何人力削减或裁员行动。

　　新达新加坡（Suntec Singapore）昨天发表上述声明，对城市丰收教会（City Harvest Church）决定入股的消息作出回应。

　　新达新加坡在1页长的声明和3页长的问答录中说，它所发给城市丰收教会的授权合约允许后者在周末使用6楼的三个会议厅、3楼大厅和横跨2楼和3楼的礼堂，明年3月生效。


Extracts from the FAQs issued by Suntec Singapore are as follows:

1. Who owns the Suntec Singapore International Convention and Exhibition Centre (Suntec Singapore)?

- Suntec Singapore is owned by the ARA Harmony Fund. Stakeholders of the Harmony Fund include Suntec Reit (20%) and other private investors including City Harvest Church.

2. Does City Harvest Church have a majority share in the Harmony Fund?

- While details of the stakeholders are confidential, it can be confirmed that City Harvest Church has a minority participation in the Harmony Fund.

3. Will City Harvest Church have a seat on the ARA Harmony Fund Board?

- Currently, CHC has no board seats in the ARA Harmony Fund.

4. Will the Church have any influence in the daily business of the Convention Centre?

- No. The operation of the Convention Centre has been contracted to Suntec Singapore International Convention and Exhibition Services Pte Ltd, a wholly owned subsidiary of ARA.

5. What leased spaces will City Harvest Church be using in the convention Centre?

- Suntec Singapore has issued a license agreement to the Church to provide 3 halls on the 6th floor, the Gallery space on the 3rd Floor and the theatre on the weekends. The license agreement will come into effect in March 2011.

6. Will the Church be renovating the licensed spaces for their use?

- Yes. An auditorium with the latest sound system will be constructed in the 6th floor halls. This auditorium will be available for Suntec Singapore to market for MICE business and other events during the week. The Gallery will be converted into smaller rooms for exclusive use by the Church. There are no changes planned for the theatre that will be used by the church on the weekends only.

(Source: http://lushhomemedia.com/2010/03/07/city-harvest-paying-310m-to-become-suntec-co-owner/ )