ASX Announcement - MLC to Acquire Remaining Interests in HKMLC Holdings Ltd - 14 April 2005

MLC Limited (MLC) said it would acquire the remaining interests in HKMLC Holdings Limited (HKMLC), the joint venture holding company of the National Group's Hong Kong wealth management business.

MLC currently owns approximately 62% of HKMLC and the transaction will take its ownership to 100%.  The cost of this transaction to MLC is expected to be approximately A$145 million.

MLC said it was pleased the minority shareholders had exercised an option requiring MLC to purchase all of the outstanding interests in HKMLC. 

The option was part of the joint venture documentation agreed in November 2000.

The transaction is subject to receiving all applicable regulatory approvals.

There is no impact on jobs as a result of the transaction.  Customer relationships, policies and benefits are also unaffected by the change.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile

Geoff Lynch
Head of Media Relations
Australian Corporate Affairs
03 8634 1564 work
0405 319 819 mobile

Hany Messieh
Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile

Leigh Watson
CEO MLC Asia
+852 2822 9886 work