Sale of Serdika
10 Novembre 2009 - 2:38PM
UK Regulatory
TIDMEBP
RNS Number : 2850C
Equest Balkan Properties PLC
10 November 2009
10 November 2009
EQUEST BALKAN PROPERTIES PLC
("EBP" or the "Company")
Sale of Serdika
EBP today announces that it has entered into an agreement for the sale of its
controlling interest in Serdika, its mixed use development site in Sofia, to
Agriway Holdings Limited. Under the terms of the agreement, the total
consideration payable in relation to the development amounts to Euro 9.175
million in cash, of which Euro 7.34 million is attributable to EBP. The proceeds
are expected to be received on 11 November 2009. The proceeds receivable by EBP
are in line with the Directors' valuation of EBP's investment in Serdika as at
30 June 2009.
Following the sale of the asset, EBP will use the proceeds to settle the loan of
Euro 5.4 million owed by EBP to Equest Investments Balkans Limited, with the
balance being used to strengthen working capital.
-ENDS-
Further information, please contact:
Equest Partners Limited (for Equest Balkan Properties plc)
+4420 7240 7600
Michel Uhler
Naomi Kora
Arbuthnot Securities Limited (NOMAD and broker)
+4420 7012 2000
Alastair Moreton
Hannah Pearce
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This information is provided by RNS
The company news service from the London Stock Exchange
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