Business Services Industry
Asia Properties Inc. Moves Domicile to BVI; Company to Form New Entities
Business Wire, May 25, 1999
SAN DIEGO--(BUSINESS WIRE)--May 25, 1999--
Asia Properties, Inc. (API) (OTC: ASPZ) announced today it will reorganize as Asia Properties International, Ltd., (API, Ltd.) a publicly traded British Virgin Islands Company (BVI).
API said that API Ltd. (API, Ltd.) would be established by June 1999 and that API would be merged into the new company. All current API, Inc., shareholders will receive a one for one share in API, Ltd. The Company said that the new structure was being formed in anticipation of a number of transactions involving the acquisition of business units and real estate properties in Thailand, Cambodia and Malaysia.
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Daniel S. McKinney, President and Chief Executive Officer of API, said, "The new structure of our Company will provide a more viable vehicle from both a tax and business standpoint." Mr. McKinney added, "It is our intention to organize our company by geographic business groups in the rapidly improving areas in the Far East in which we plan to concentrate our activities."
Asia Properties, Inc. was established to invest in prime quality real estate in Thailand, and regionally, at deep discounts. API is the only vehicle through which non-Thais can buy Thai real estate and hold their interest in the form of a liquid security trading on a U.S. securities market.
This release is available on the KCSA Public Relations Worldwide website at www.kcsa.com
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