27th Feb 2006 07:00
Asian Citrus Holdings Ltd27 February 2006 27 February 2006 Asian Citrus Holdings Limited ("Asian Citrus" or "the Group") Additional order from regional supermarket chain Asian Citrus, the largest orange plantation owner and operator in China,announces that it has been awarded an additional supply contract from GuangxiYonghao Supermarket Company Limited ("Yonghao"), a local supermarket chain withmore than 20 outlets in the Guangxi Zhuang Autonomous Region of China. The additional contract, entered into at the request of Yonghao, is to supplyYonghao with an additional 2,000 tonnes of oranges from the coming Summer Orangecrop in 2006. The estimated value of this new contract is approximately RMB11.3million (approximately £800,000). This follows the award of an initial contract with Yonghao, announced on 26October 2005, which had a value of approximately RMB25 million (approximately£1.75m), for the supply of 5,000 tonnes of oranges up to June 2006. In addition, the Group has commenced the supply of oranges to certainsupermarket chains in Hong Kong through a joint venture company, which was setup in August 2005 with a local Hong Kong business that has been involved in thefruit trading business for over 20 years. Tony Tong, Chairman and CEO, commented, "The success of our first move into thesupermarket sector was always going to be vital for the Group's futuredevelopment in the wholesale arena and I am delighted that we are clearlydemonstrating that success with this additional order. "Our oranges are proving to be a real favourite amongst local people. Thequality of our oranges has clearly been well appreciated by the public and wehave developed a good relationship with Yonghao. The additional order fromYonghao is a proof of our oranges' success in the retail market and we areconfident of concluding further supermarket contracts in the future." About Asian Citrus Holdings Limited Asian Citrus Holdings Limited is the largest orange plantation owner andoperator in China and has two plantations in the Hepu county of the GuangxiZhuang Autonomous Region and the Xinfeng county of the Jiangxi province of China.Its primary goal is to sell quality oranges at an affordable price and in sodoing, strengthen its position as a leading, mechanised and industrialisedorange grower and distributor in China. For Further Information Contact: Terry Garrett/ John Moriarty/Helen ThomasWeber Shandwick Square Mile 0207 067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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