(Incorporated in Canada and continued in Bermuda with limited liability)
TORONTO, May 8, 2017 /CNW/ - Reference is made to the press release of HMH China Investments Limited (the "Company") issued on 8 July 2016 in respect of an application for arbitration made by Allied Glory Investment Limited ("Allied Glory"), an indirect wholly owned subsidiary of the Company, to the China International Economic and Trade Arbitration Commission ("Arbitration Commission").
The Company wishes to announce that Allied Glory received an arbitral award dated 3 May 2017 (the "Arbitral Award") issued by the Arbitration Commission, pursuant to which the co-operative period for Rosedale Hotel Guangzhou Co., Ltd ("Rosedale Guangzhou") under the joint venture agreement made between Allied Glory and an independent third party ("PRC Partner") shall be extended until 15 January 2027 and the PRC Partner shall provide all necessary assistance to Rosedale Guangzhou in the application process for extending its business licence. The Arbitral Award, being a final award, took effect on the date of issue and is legally binding on all parties to the arbitration.
Allied Glory will take appropriate steps to enforce the Arbitral Award subject to and in accordance with all applicable laws and regulations.
SOURCE HMH China Investments Limited
For further information: Please contact Mr. Chin Shing Tong, the Chairman, President and Chief Executive Officer of the Company at (852) 2831 8228.