AKO Arko Hldgs

    RNS Number : 9952V
  Arko Holdings PLC
  04 June 2008
   

    FOR IMMEDIATE RELEASE                                                                                                4 June 2008


    ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE

    Arko Holdings plc ("the Company" or "Arko")

    Trading Update

    Further to the Chairman's statement which accompanied the Company's interim results for the six months ended 30 June 2007 ("2007
Interims"), the Board of Arko announces that the annual impairment review required under International Financial Reporting Standards
('IFRS') will result in impairment charges incurred in respect of both goodwill and tangible assets. Accordingly, the Company will report a
substantial loss for the year ended 31 December 2007.
    Specifically, goodwill, which as at 30 June 2007 stood at US$20,807,000 will be very substantially written down as a result of the
operational problems and consequent decline in value of the goodwill attributable to the power plant and the elimination of historic
goodwill which arose from prior acquisition of a number of trading subsidiaries. In addition, because of the problems identified in the 2007
Interims, the value of property, plant and equipment at the Company's power plant in Hubei province, PRC, is proposed to be wholly written
off. The book value of such property, plant and equipment was US$12,062,399.
    The Arko Board wishes to emphasise that:
    *     the impairment charges referred to above are non-cash items and the Company is generating a positive net cash flow from
operations; and
    *     the Company continues to trade normally and has adequate working capital for its present requirements. 

    For further information please visit www.arkoholdings.com or enquire to:

    Angela Leung                           + 852 2219 9999
    Arko Holdings plc

    Robert Lo/Marc Cramsie         + 44 (0) 20 7634 4705
    Nominated Adviser                    
    Nabarro Wells & Co. Limited    


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