ARCH Arc Capital

TIDMARCH

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

philip.j.secrett@uk.gt.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEALPEAAFSEFF

(END) Dow Jones Newswires

August 20, 2015 10:25 ET (14:25 GMT)

Arc Capital (LSE:ARCH)
Historical Stock Chart
From Nov 2024 to Dec 2024

Arc Capital (LSE:ARCH)
Historical Stock Chart
From Dec 2023 to Dec 2024