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THE HONGKONG AND SHANGHAI HOTELS, LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00045)
Extension of Long Stop Date Proposed Hotel Development in Yangon, Myanmar
This announcement is made pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).
Reference is made to the announcement made by The Hongkong and Shanghai Hotels, Limited (the "Company") on 28 January 2014 in respect of the Proposed Hotel Development (the "Announcement").
Unless otherwise defined, all terms used herein shall be as defined in the Announcement.
The Board of Directors of the Company is pleased to inform shareholders that following the receipt of a letter from the Myanmar Investment Commission stating that it had approved the extension of the master lease in accordance with the Myanmar Foreign Investment Law for the redevelopment of the former headquarters of the Myanmar Railway Company into a five star hotel and directing the Ministry of Rail Transportation to proceed to take the necessary next steps to extend the master lease, the parties to the Shareholders' Agreement including, amongst others, the Company, Peninsula International Investment Holdings Limited, a wholly-owned subsidiary of the Company, Yoma Strategic Holdings Ltd., Yoma Strategic Investments Ltd. and First Myanmar Investment Co., Ltd. have agreed to extend the long stop date for satisfying all conditions precedent from 31 March 2015 to 31 December 2015, and the parties will continue to work together to satisfy the prescribed conditions precedent in the Shareholders' Agreement.
31 March 2015
By order of the Board Christobelle Liao Company Secretary
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As at the date of this announcement, the Board of Directors of the Company comprises the following
Directors:
Non-Executive Chairman
The Hon. Sir Michael Kadoorie
Non-Executive Deputy Chairman
Andrew Clifford Winawer Brandler
Executive DirectorsManaging Director and Chief Executive Officer
Clement King Man Kwok
Chief Operating Officer
Peter Camille Borer
Chief Financial Officer
Alan Philip Clark
Non-Executive Directors Ronald James McAulay William Elkin Mocatta John Andrew Harry LeighNicholas Timothy James Colfer
Independent Non-Executive Directors Dr. the Hon. Sir David Kwok Po Li Patrick Blackwell PaulPierre Roger Boppe
Dr. William Kwok Lun Fung
Dr. Rosanna Yick Ming Wong
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