Partial Realisation of HNA Airport (7703E)
12 Aprile 2011 - 2:45PM
UK Regulatory
TIDMARCH
RNS Number : 7703E
ARC Capital Holdings Limited
12 April 2011
ARC Capital Holdings Limited
12 April 2011
ARC Capital Holdings Limited
Partial Realisation of HNA Airport
ARC Capital Holdings Limited ("ARCH" or the "Company") (AIM:
ARCH) is pleased to announce that on 11 April 2011 it completed the
sale of its equity investment in HNA Airport Holding (Group)
Company Limited ("HNA Airport") to Hainan Airlines and Hainan
Meilan Airport Group. Through two separate transactions, ARCH sold
its remaining 8.6% indirect interest in HNA Airport for a total
consideration of US$50.7 million in cash. This transaction follows
ARCH's initial sale of HNA Airport which was completed in February
2010. Together with this previously announced partial realisation,
ARCH received total consideration of US$96.0 million in cash which
represents a 1.4x gross cash multiple to date.
As a part of the transaction, the special purpose vehicle
holding the investment in HNA Airport, of which ARCH has a
significant minority stake, has been granted certain options to
purchase shares in Hainan Meilan International Airport Company
Limited (0357 HK). These options are exercisable subject to a
number of conditions and may provide further upside to ARCH's
initial investment. The Company will provide a further update in
due course.
Proceeds from the sale will be used for reinvestment and
distributions in accordance ARCH's previously announced policy.
HNA Airport is the domestic airport affiliate of Hainan Airlines
(600221 CH) and Hainan Meilan International Airport Company Limited
(0357 HK), in which ARCH invested US$70.0 million in December 2007.
HNA Airport was established in 2003 to capture the growth
opportunities in domestic air traffic in China. Its aeronautical
business includes the provision of airfield services, terminal
facilities, ground handling services, and passenger and cargo
handling services. Its non-aeronautical businesses include leasing
of commercial and retail spaces, airport-related business
franchising, advertising, car parking, tourism services and sales
of duty-free and consumer goods.
For more information, please contact:
MANAGER: LEGAL COUNSEL:
Allan Liu, Managing Partner Jon Lewis, General Counsel
c/o ARC Capital Partners PAG
Limited 15/F, AIA Central
15/F, AIA Central 1 Connaught Road
1 Connaught Road Central, Hong Kong
Central, Hong Kong T: (852) 2918 0088
T: (852) 2918 0088 F: (852) 2918 0881
F: (852) 2918 0881 jlewis@pacific-alliance.com
aliu@pacific-alliance.com
----------------------------- -----------------------------
BROKER: NOMINATED ADVISER:
Hiroshi Funaki Philip Secrett
LCF Edmond de Rothschild Grant Thornton Corporate
Securities Finance
T: (44) 20 7845 5960 T: (44) 20 7383 5100
F: (44) 20 7845 5961 Philip.J.Secrett@uk.gt.com
funds@lcfr.co.uk
----------------------------- -----------------------------
INVESTOR RELATIONS: MEDIA RELATIONS:
Chong Min Yi Stephanie Barry
PAG PAG
T: (852) 3719 3319 T: (852) 3719 3375
cyi@pacific-alliance.com sbarry@pacific-alliance.com
----------------------------- -----------------------------
About ARC Capital Holdings Limited
ARC Capital Holdings Limited ("ARCH") (AIM: ARCH) is a
closed-end investment company with net assets of US$526.4 million
as at 28 February 2011. ARCH was admitted to trading on the AIM
Market of the London Stock Exchange in June 2006. ARCH makes and
holds investments in the retail, consumer goods and consumer
services sectors, principally in China but also in neighboring
Asian countries. Target investments include regional hypermarkets
and supermarkets, dominant consumer brands, specialty retail
chains, retail property assets and retail and consumer service
providers.
For more information about ARCH, please visit:
www.arch-fund.com
ARC Capital Holdings Limited is a member of Pacific Alliance
Group ("PAG"), one of the leading Asian alternative investment
managers. Founded in 2002, PAG manages funds covering private
equity, real estate, hedge fund and distressed investments and has
offices across Asia including Hong Kong, Shanghai, Beijing and
Tokyo.
For more information about PAG, please visit:
www.pacific-alliance.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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