For the year ended 31 December 2003, M&C's share of turnover from The Plaza amounted to $58.9 million (#35.9 million)  and the share of a loss before tax was $0.9 million (#0.6 million). M&C's investment in POP as at 30 June 2004, which  is accounted for as a joint venture, carried a share of gross assets of $238.2 million (#130.3 million) and a share of  gross liabilities of $171.3 million (#93.7 million).
M&C's share of the sale proceeds will be used to reduce debt and fund general working capital of the M&C Group.

Kwek Leng Beng, Chairman of M&C said: Since their appointment as the joint interim chief executive officers of M&C group in March this year, Tony Potter and  Wong Hong Ren have been tasked to review the operational performance of the worldwide hotel portfolio and to assess the  potential of each property in the portfolio, as well as non-core assets, with a view to improving both revenue and  profit opportunities. If appropriate, disposal of any asset will be made taking into account timing and price  considerations amongst other factors. We believe that the decision to sell The Plaza is in line with these  considerations. Compared with the recent earnings generated by the hotel, the sale price is an attractive exit earnings multiple. The Group's strategy of being an owner of hotel assets remains unchanged, especially in an improving trading  environment.'