SOURCE: Viking Investments Group, Inc.

Viking Investments Group, Inc.

February 11, 2015 09:15 ET

Viking Investments Group, Inc. Announces Letter of Intent With AUR Overseas Holdings Limited (BVI) Regarding Proposed Loan Transaction

NEW YORK, NY--(Marketwired - Feb 11, 2015) -  On February 10th, 2015, Viking Investments Group, Inc. ("Viking") (OTC PINK: VKIN) signed a non-binding letter of intent (the "LOI") with AUR Overseas Holdings Limited (BVI) ("AUR"), pursuant to which Viking expressed interest in loaning AUR up to USD$350M to facilitate the development by AUR of a luxury, 5 star resort on the island of Dhapparu, Maldives (the "Chedi Resort"), to be managed by a globally-recognized, premier hotel management company, GHM Hotels.

The LOI contemplates the following with respect to the proposed loan: (i) Term -- five years; (ii) Interest Rate -- 8%, computed semi-annually in arrears; (iii) Payments -- interest only, paid annually; (iv) Security -- first ranking security interest over all of AUR's assets and undertaking; (v) a right to convert a portion of the principal amount of the loan into ownership of villas at the Chedi Resort. The loan transaction is subject to the parties executing a definitive agreement on or before February 27th, 2015, and is conditional upon, among other things, Viking having secured financing sufficient to allow Viking to advance the loan proceeds.

Chedi Resort (www.thechedidhapparu.com):

AUR is planning to develop a 150-unit ultra-luxury resort located on Dhapparu Island, Haa Alifu atoll in the Maldives. It is expected the resort will be operated by General Hotels Management Ltd. (GHM), under the "Chedi" brand. 110 of the units will be marketed to investors with the option to participate in a managed rental program. The resort will cater to a niche segment of high-end luxury travellers/guests in Maldives and international investors. Noomadi Resorts and Residences Anstalt contributed to social housing in the region by building 500 housing units for the Maldivian government in exchange for 50 luxury villa land plots and 100,000 sq. ft. of land (to cater for support services) on the Dhapparu Island. The 50 land plots have been subdivided on the island in a manner to allow construction of 150 villas.

The island's location in the northernmost tip of Maldives puts it approximately one hour away (approx. 300km) from the major international airport at Male. Hanimadoo international airport (which is only 20 minutes by speed boat) is expected to open routes from international locations, which would increase accessibility / connectivity to the destination, and allow for supplies to be accessed easily from the proposed location of the resort.

Anticipated Project Participants:

AUR has already engaged various service providers to assist with the design, development and management of the Chedi Resort, including the following:

(i) GHM Hotels (www.ghmhotels.com);
(ii) AECOM (www.aecom.com);
(iii) AW2 (www.aw2.com); Intaran - Landscape Architect (Karl Princic) Based in Bali, Indonesia;
(iv) Lighting - The Flaming Beacon (www.tfb.com.au) based in Melbourne, Australia;
(v) Dive and Recreation Centre - Dive Butler (http://www.divebutlerinternational.com);
(vi) AV - IT - Solarwind based in Singapore;
(vii) Kitchen & Laundry - Fondue (www.fondue-group.com) based in Dubai, U.A.E;
(viii) Marketing Collateral - Kingsland Linassi (www.kingslandlinassi.com) based in London, U.K.; and
(ix) Sales Agents - Dubai Sotheby's International Realty (www.sothebysrealty.com) UAE

About AUR:

AUR is a BVI based company established with the objective of developing luxury residences and hotels/resorts in select markets. AUR has an understanding with GHM Hotels Singapore to partner in all possible projects which suit GHM style. AUR is supported by the Indian parent company Rajesh Lifespaces (www.rajeshlifespaces.com), which is celebrating its 50th anniversary as one of Mumbai's prestigious developers. Rajesh Lifespaces celebrates both its legacy and ability to create future-ready spaces, a legacy that rises from decades of experience, crafted by timeless principles, driven by the future, led by integrity, accentuated by the way it honors its commitments and complemented by its adherence to business ethics. It has crafted spaces spread over 7 million sq. ft. in the western and the central suburbs of Mumbai. Rajesh Lifespaces currently has 13 real estate projects with approx. 6.5 million sq. ft. under development the city of Mumbai.

About Viking:

Viking aims to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition. Viking's primary focus is directed toward evaluating and completing investments in North America, mainly in the Oil & Gas and Real Estate sectors, with appropriate diversification and balance between each division. Viking targets under-valued investments with realistic appreciation potential and a defined exit strategy. 

Viking is not an investment company, as defined by the Investment Company Act of 1940.

Safe Harbor Statement

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

Contact Information

  • For additional information please contact:

    James A. Doris
    President and C.E.O.
    Viking Investments Group, Inc.
    1330 Avenue of the Americas, Suite 23A
    New York, NY 10019
    Email: jdoris@vikinginvestments.com