Asia Capital PLC reassures stability

Saturday, 25 January 2025 00:58 - - {{hitsCtrl.values.hits}}

Clarifies liquidation order amounting to a mere Rs. 13 m involving Asia Leisure

With reference to the article published on 16 January 2025 in the Daily FT under the caption ‘Commercial High Court orders winding up of Asia Leisure’. As the Board of Directors of Asia Capital PLC (ACAP), Asia Capital PLC has issued the following statement to clarify and address the statements made regarding this matter to provide transparency and reaffirm the trust placed by its stakeholders.

We wish to clarify that Asia Leisure Ltd., the entity referenced in the court proceedings, is a wholly owned subsidiary of Asia Capital PLC. However, the Board of Directors assures stakeholders that the matter concerning Asia Leisure has only a minimal impact on the financial stability and operations of Asia Capital PLC. Furthermore, it is important to note that the Tamarind Hill property is co-owned by Asia Leisure Holdings Ltd., a distinct entity from Asia Leisure.

Asia Capital PLC wishes to further address that the reports concerning the liquidation order amounting to a mere Rs. 13 million involving Asia Leisure. The Board of Directors has been informed that the company intends to appeal this decision. We have full confidence in the judicial process and remain committed to resolving this matter through appropriate legal channels.

Over the past decade, Asia Capital PLC has made substantial investments amounting to over $ 2 million in Asia Leisure Holdings, demonstrating its unwavering commitment to building a strong and resilient business portfolio further enhancing its hospitality and leisure segment.

Asia Capital PLC’s strong and diverse business portfolio continues to reflect our resilience and strategic vision. As a publicly listed entity, we remain committed to maintaining transparency and safeguarding the interests of our shareholders and we thank our valued stakeholders for their continued support.

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