| To : Business Editor | For immediate release |
MANDARIN ORIENTAL - CHAIRMAN'S ANNUAL GENERAL MEETING STATEMENT
10th June 1998 - At the Annual General Meeting of Mandarin Oriental International Limited held today in Bermuda, the Chairman, Mr Simon Keswick, said, "At the time our results were announced in March, I indicated that the outlook for 1998 was not encouraging given the difficult business conditions and declining travel and tourism in the Asia Pacific region. The impact on the Group's two hotels in Hong Kong has been significant, although they still compare favourably with their direct competitors.
The continuing economic difficulties throughout Asia, not least in Japan, as well as the recent turmoil in Indonesia mean that a further deterioration can be expected in travel and tourism throughout the Region, which will continue to affect our Asian hotels for some time."
Mandarin Oriental Hotel Group is an international hotel investment and management group operating 12 deluxe and first class hotels worldwide, with two hotels under development in Kuala Lumpur, Malaysia and Miami, Florida. The Group has equity interests in all but one of its properties and net assets of approximately US$1 billion. In total Mandarin Oriental employs 6,100 staff in 12 countries. The growth strategy of the Group is to expand its base of deluxe hotels in Asia and to seek selective opportunities in other international locations.
For further information, please contact:
| Mandarin Oriental Hotel Group International Limited Jill Kluge |
(852) 2895 9288 (office) |
| Ludgate Asia Limited Nick Footitt |
(852) 2543 5413 (office) |
This announcement can be accessed through the Internet at "http://www.irasia.com/listco/sg/mandarin" and is also available through "First Call".
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