Memorandum of Understanding
May 20 2009 - 2:00AM
UK Regulatory
TIDMCMGP
RNS Number : 5333S
Commercial Group Properties PLC
20 May 2009
Commercial Group Properties PLC
("CGP" or "the Company")
MoU for China Gateway
signed with UNIDO
The Company is pleased to announce that it has signed a memorandum of
understanding with UNIDO (The United Nations Industrial Development
Organization) setting out the principles of a proposed joint venture of
constructing, funding and letting out of an exhibition/conference centre at
Manston Business Park, Manston, Kent.
The MoU shall constitute a statement of the parties strong intention to
negotiate in good faith on the basis of the principles set out in this MoU and
as soon as reasonably possible for the purpose of entering into finally binding
agreements, measures and actions necessary to successfully complete and conduct
the project.
The business of the Exhibition centre/Industrial Hub Building is that of a
cultural creative industrial business hub. That expression means and is designed
to encompass a very wide range of activities, businesses, organizations,
cultural fora and visionary entrepreneurial concepts. The centre will, through
representation of the various Chinese organizations described above, promote to
a UK and EU clientele:
* Chinese Business in all its myriad guises;
* Chinese arts and culture;
* The visionary skills of Chinese entrepreneurs;
* Chinese tourism and natural beauty;
* The benefits of investment into China.
The centre will be managed, promoted, developed and maintained by CGP or a
subsidiary company or a company nominated by CGP. Chinese organizations will
have the benefit of the state of the art exhibition, conference, meeting and
office facilities which the centre has explicitly been designed to provide. It
is anticipated that Chinese Provinces and Cities will acquire the benefit of
'seats' in the centre and which will entitle them to use of those seats for
specific periods each year.
Ends
For further information, please contact:
+-------------------------------------+-------------------------------------+
| Commercial Group Properties PLC | +44 (0) 1843 860866 |
| Ken Wills | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Beaumont Cornish Limited | +44 (0) 20 7628 3396 |
| Roland Cornish | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Square1 Consulting Ltd | +44 (0) 20 7929 5599 |
| David Bick/Mark Longson | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
Notes for Editors:
CGP is an AIM listed UK company (company number 05868936). CGP is the owner of
land at China Gateway and has been in discussions with various organisations for
the conversion of all or part of the land at China Gateway into a Chinese
cultural and creative business hub.
UNIDO is a charitable organisation that mobilizes knowledge, skills, information
and technology to promote productive employment, a competitive economy and a
sound environment. Furthermore, UNIDO enhances cooperation at global, regional,
national and sectoral levels.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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