International Hotel Investments plc - Liquidation of Azure Services Limited

Following a company announcement made by International Hotel Investments plc (IHI) on 11 December 2019 whereby it informed the market that the operations of the Azure Group were being scaled down given that its allocation of timeshare at the Golden Sands Resort had been largely sold out, the company issued another announcement on 5 May 2020 which stated that the scaling down process of the Azure Group has run its natural course and a liquidation process has commenced. The Azure Group carried out the sales function of the timeshare operation at the Golden Sands Resort for the past 17 years.

The company noted that it has every intention to ensure that the upcoming liquidation is conducted in an orderly manner and that timeshare owners will continue to enjoy the same service and benefits as they have for the past years. In fact, the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members. Meanwhile, any action taken with respect to the curtailment of employees will be made in line with all local regulations.

IHI owns 50% of the Golden Sands Resort and the Azure Group. The remaining 50% is owned by international investors specializing in timeshare resort operations. All shareholders have reaffirmed their commitment towards the future of the Golden Sands Resort as a high-end luxury destination.