DORSETT HOSPITALITY INTERNATIONAL LTD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability) Website : http://www.dorsett.com
(Stock Code: 2266) VOLUNTARY ANNOUNCEMENT ON EQUITYHOLDERS' AGREEMENT FOR FORMATION OF THE JOINT VENTURE
The Board is pleased to announce that the Company and its wholly owned subsidiary Ace Green Limited ("Ace Green"), Diamond Resorts International, Inc. (Diamond Resorts") and its indirect wholly owned subsidiary Diamond Asia Development, Inc ("Diamond Asia"), China Travel International Investment Hong Kong Limited ("China Travel") and its wholly owned subsidiary China Chance Developments Limited ("China Chance"), entered into an Equityholders' Agreement (the "Agreement") on 9 February 2015. Pursuant to the Agreement, China Chance, Diamond Asia and Ace Green agreed to subscribe for 40%, 30% and 30% equity interest of the Joint Venture Company respectively.
The Joint Venture Company is to carry on the business to create, market, sell and service prepaid vacation packages and associated benefits (including vacation ownership) to customers in Asia.
Diamond Resorts International®, with its worldwide network of 313 vacation destinations located in 34 countries, provides guests with choices and flexibility as they design their dream vacation, whether they're traveling an hour away or around the world. Diamond Resorts manages vacation ownership resorts and sells vacation ownership points that provide members and owners with Vacations for Life® through
93 managed resorts, 214 affiliated properties and six cruise itineraries.
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China Travel, is an investment holding company engaged in operation of travel destinations (including hotels, theme parks, natural and cultural scenic spots and leisure resorts), travel agency and related business operations, passenger transportation, arts performance and power generation.
The Company and its subsidiaries (the "Group") currently owns and manages 22 hotels in China, Hong Kong, Malaysia and London under three distinct brands, namely the mid to upscale Dorsett Hotels & Resorts, the d.Collection comprising a range of charismatic boutique hotels, and the value-led Silka Hotels. The Company believes that the joint venture with Diamond Resorts and China Travel, being well-established hospitality companies, will provide direct synergies to the Group's hotel and resorts operation and will further enhance its brands equity and business.
This announcement is made by the Company voluntarily. The Board wishes to emphasise that the Joint Venture Company has yet to commence business. Shareholders and investors are urged to exercise caution when dealing in the shares of the Company. Further announcement in respect of the Joint Venture Company will be made by the Company as and when appropriate and/or required by the Listing Rules.
Hong Kong, 10 February 2015
By Order of the Board of
President and Executive Director
As at the date of this notice, the executive directors are Ms. CHIU, Wing Kwan Winnie and Mr. LAI, Wai Keung; the non-executive directors are Tan Sri Dato' CHIU, David, Mr. HOONG, Cheong Thard and Mr. CHAN, Chi Hing; the independent non-executive directors are Mr. SHEK, Lai Him Abraham, G.B.S., J.P., Mr. TO, Peter, Dr. LIU, Ngai Wing and Mr. ANGELINI, Giovanni.
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