Hongkong and Shanghai Hotels Ltd and Yoma Strategic Holdings to Develop The Peninsula Yangon

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. March 14, 2014

March 14, 2014 - Mr Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH (left) and Mr Serge Pun, Chairman of Yoma Strategic Holdings Ltd (right). Photo credit Berton Chang
Mr Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH (left) and Mr Serge Pun, Chairman of Yoma Strategic Holdings Ltd (right). Photo credit Berton Chang

HONG KONG, March 10, 2014 -- The Hongkong and Shanghai Hotels, Limited (HSH) and Yoma Strategic Holdings Ltd. have announced a definitive shareholders' agreement for the purpose of restoring the former Myanmar Railway Company headquarters into a hotel to be called The Peninsula Yangon.

The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building, which dates from the 1880s and is one of the oldest existing colonial buildings in Yangon. It is located on Bogyoke Aung San Road in the central business district of Yangon, one kilometre north of the Yangon River and adjacent to the tourist attraction known as Scott's Market.

Mr Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH, commented: "Myanmar is one of the world's most exciting emerging markets and we see good potential in this market as a luxury travel and tourism destination. We are delighted to partner with Yoma, who share our long-term vision for the success of this project and have a proven track record of successful investments in Myanmar."

Mr Serge Pun, Chairman of Yoma Strategic Holdings Ltd, said: "The former Myanmar Railway Company headquarters is an iconic building in Myanmar. We believe that working with one of Asia's most established hotel owner-operators and creator of world-class experiences will be invaluable in restoring the building to its former glory, as well as bring to Yangon a new luxury experience. It is a privilege to be part of this endeavour."

About The Hongkong and Shanghai Hotels, Limited (HSH)

Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), The Hongkong and Shanghai Hotels, Limited is the holding company of a group which is engaged in the ownership, development, and management of prestigious hotels and commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of tourism and leisure, club management and other services. The Peninsula Hotels portfolio comprises The Peninsula Hong Kong, The Peninsula Shanghai, The Peninsula Beijing, The Peninsula Tokyo, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula Bangkok, The Peninsula Manila and The Peninsula Paris (expected opening in 2014). Projects under development include The Peninsula London and The Peninsula Yangon. The property portfolio of the group includes The Repulse Bay Complex, The Peak Tower, The Peak Tramways and St. John's Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; the Thai Country Club in Bangkok, Thailand, and 21 avenue Kleber in Paris, France,

About Yoma Strategic Holdings Ltd.

Listed on the Main Board of the Singapore Securities Exchange Trading Limited (SGX-ST), Yoma Strategic Holdings Ltd. is a leading business corporation with real estate, agriculture, automotive and luxury tourism businesses in Myanmar and the People's Republic of China. Together with its partner, the SPA Group, the Group is taking a conglomerate approach to build a diversified portfolio of businesses in Myanmar. The Group's key property projects in Yangon include Star City and Pun Hlaing Golf Estate