CENTURY AND PARK PLAZA MERGER FORMS LEADING HOTEL GROUP IN ASIA PACIFIC

Plaza Kemayan Limited (“PPK”) announced today that it has reached an agreement to merge its hotel interests with Century International Hotels Limited (“Century”), one of Asia’s largest independent hotel management companies. The combined group will create one of the leading hotel operators in the Asia-Pacific region.

The deal, funded by cash and scrip, is subject to approval by shareholders of PPK. Brian Deeson, founder and Chief Executive of Century and, Simon Wan, Chief Executive of PPK will together spearhead the company’s growth.

Following the transaction, PPK will manage 35 hotels across eight countries in the Asia Pacific, including Australia, Hong Kong, Singapore, China, Vietnam, Malaysia, Indonesia and the Philippines. Collectively, the Park Plaza International System already owns, manages and/or franchises more than 100 hotels in over 20 countries worldwide. This will also create significant new packaging opportunities for PPK’s tour and travel division, which owns Explore Holidays and Venture Holidays in Australia and Morning Star Tour and Travel in the Philippines.

“We believe the most effective way to grow our business and compete head on with our major competitors is by aligning ourselves with a strong partner with established brands and a good distribution system. We believe we have found this opportunity with PPK” said Brian Deeson, “The worldwide reach of the Park Plaza brands gives us the opportunity of dynamic growth throughout this part of the world”.

“Century is regarded as being one of the fastest growing hotel management companies in the world and a leading force in mid-market hotel management in Asia Pacific. We believe that the strength of this business will support PPK’s continued expansion plan across the Region” said Don Larkin, Chairman of PPK. “The two brands complement each other well, with Century’s outstanding presence in South East Asia and Park Plaza’s strong representation in Australia”.