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ARC Capital Holdings (ARCH)

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Thursday 20 August, 2015

ARC Capital Holdings

Update on Orient Home Arbitration Award

RNS Number : 6689W
ARC Capital Holdings Limited
20 August 2015
 



20 August 2015

 

For Immediate Release

ARC Capital Holdings Limited

Update on Orient Home Arbitration Award

 

 

ARC Capital Holdings Limited ("ARCH") (AIM: ARCH) announced on 9 July 2015 that it had been advised that Orient Home Co., Ltd ("Orient Home") had filed an application with the Beijing Second Intermediate Court to set aside the award which was previously made by the China International Economic and Trade Arbitration Commission ("CIETAC") in favour of Shanghai C.P. Jing Cheng Enterprise Development Co. Ltd. ("Shanghai CP JC") (a subsidiary of ARCH) on 16 June 2015 in respect of the refund of a RMB480 million deposit relating to the acquisition of a majority stake in Orient Home Industrial Co., Ltd ("Orient Home Property") in December 2010.

 

The Board of ARCH is pleased to announce that it has been advised that the Beijing Second Intermediate Court has rejected Orient Home's application.  ARCH intends to continue with the enforcement of the original CIETAC award.

 

Further updates on this matter will be provided in due course.

 

Enquiries

 

For further information, please contact:

 

ARC Capital Holdings Limited
Alpay Ece / Sean Hurst                                                                                                                      

Tel: +44 (0)20 7845 5950

 

Edmond de Rothschild Securities (UK) Limited
William Marle                                                                                                      

Tel: +44 (0)20 7845 5950

John Armstrong-Denby                                                                                                     

Tel: +44 (0)20 7845 5950

Hiroshi Funaki                                                                                                     

Tel: +44 (0)20 7845 5960


Grant Thornton UK LLP, Nominated Adviser                                 
Philip Secrett                                                                                                        

Tel: +44 (0)20 7383 5100

[email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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