Samoa Government Delegates Visit Kiu Hung International To Further Strengthen the Strategic Partnership

Jun 16, 2015 19:40 JST

Source: Kiu Hung International Holdings Limited

HONG KONG, Jun 16, 2015 - (ACN Newswire) - Kiu Hung International Holdings Limited ("Kiu Hung International" or "the Group") (Stock Code: 381), hosted a group of delegates from Samoa government led by the Speaker of Parliament, Mr. Hon. Laauli Leuatea Polataivao Fosi Schmidt on 12 June 2015. The two parties conducted an in-depth conversation in promoting the related out-bound travel services from PRC to Samoa.

Samoa Government Delegates Visit Kiu Hung International To Further Strengthen the Strategic Partnership

On 23 April, Kiu Hung International completed the acquisition of 20% interest in Eagle Praise Limited, a subsidiary of Unicorn Sino Limited. According to the Sale and Purchase Agreement, Unicorn Sino Limited will own 49% issued share capital of Samoa Airlines, which will be operating direct flights between Samoa and the PRC. Unicorn Sino Travel (Hong Kong) Limited, a subsidiary of Eagle Praise, will operate the business of developing, designing and selling packaged tours from PRC to Samoa. According to a cooperation agreement, Unicorn HK will have a preferential right to purchase air tickets flying from PRC to Samoa.

Outbound travelers from PRC has been growing at approximately 20.0% YOY from 2003 to 2013. Samoa, a country of islands, is located in South Pacific Ocean and is an emerging tourist destination. Recently, Chinese President Xi Jinping met with Samoa Prime Minister Tuilaepa Sailele Malielegaoi during his visit to the Pacific islands. President Xi mentioned that China is willing to establish strategic partnerships with the Pacific island countries on the basis of mutual respect and development. President Xi also commented that Samoa is rich in agriculture, fishery and tourism resources, and China has available capital, technology advances and big potential target market. The two countries should take full advantage of their strengths to promote cooperation and mutual development. As such, the Group considers that Samoa, as an untapped tourist destination, has great growth potential. The establishment of the direct flights between China and Samoa will encourage and attract more PRC travelers to choose Samoa for their holiday. The Group considers the acquisition an excellent opportunity to tap into the fast growing PRC tourism industry

Mr. Joseph Hui, Chairman of Kiu Hung International, said, "The project was successfully completed, thanks to the support and assistance of the Samoan government. The meeting today has allowed us to deepen our mutual understanding and strengthen our strategic partnership. The acquisition is marked as a milestone, yet it is just the first step. In the future, we wish Kiu Hung International can serve as a link between Samoa and China to enhance mutual development by investing in various fields including but not limited to travelling, cultural, economic and financial services."

Contact:

Ms. Katty Cheung 
Investor Relations Manager 
Tel: (852) 2537 5671 
E-mail: irenquiry@kh381.com

Source: Kiu Hung International Holdings Limited
Sectors: Daily Finance

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