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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Arc Capital | LSE:ARCH | London | Ordinary Share | KYG0450H1002 | ORD USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.265 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2019 to Dec 2024
TIDMARCH
RNS Number : 4744Q
ARC Capital Holdings Limited
17 June 2015
17 June 2015
For Immediate Release
ARC Capital Holdings Limited
Orient Home Arbitration Award
The Board of ARC Capital Holdings Limited ("ARCH") (AIM: ARCH) is pleased to announce that on 16 June 2015, the China International Economic and Trade Arbitration Commission ("CIETAC") unanimously ruled that the Orient Home Group shall be required to refund Shanghai C.P. Jing Cheng Enterprise Development Co. Ltd. ("Shanghai CP JC") (a subsidiary of ARCH) the entire RMB480 million deposit (equivalent to approximately US$77.3 million) relating to the acquisition of a majority stake in Orient Home Industrial Co., Ltd ("Orient Home Property") in December 2010.
CIETAC also ruled that the Orient Home Group shall pay Shanghai CP JC late payment interest calculated from 5 March 2011 to the actual payment date, applying the lending interest over the same period as published by the People's Bank of China, as well as the arbitration fee of approximately RMB4.4 million (equivalent to approximately US$0.7 million).
The Board of ARCH is consulting with its advisers on the means of enforcing the award to ensure a prompt recovery of the sums due to Shanghai CP JC.
The carrying value of the claim in ARCH's NAV is currently RMB 250 million (approximately US$41 million), and the Board has resolved to keep this unchanged.
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
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