TJI Tejoori

TIDMTJI

RNS Number : 1447M

Tejoori Limited

10 October 2016

10 October 2016

Tejoori Limited

("Tejoori" or the "Company")

Update on proposed disposal of Arjan Plot

The Board of Tejoori (AIM:TJI), the Dubai-based Shari'a-compliant investment company, announced on 5 October 2016 that the Company had entered into an agreement on 4 October 2016 (the "Agreement") with SRG Holding Limited ("SRG") pursuant to which it had agreed to dispose of one of the two Arjan plots of land (an "Arjan Plot" or, collectively, "the Arjan Plots") currently owned by Tejoori and part of Tejoori's investment portfolio, for a cash consideration of approximately US$3.7 million (the "Consideration") (the "Disposal").

The Board announces that Tejoori and SRG received certain approvals from the Dubai Land Department on 9 October 2016 and the title for the Arjan Plot subject to the Disposal is in the process of being transferred to SRG as purchaser. This transfer is expected to be complete tomorrow, 11 October 2016.

Tejoori was also yesterday requested by the Dubai Land Department to obtain and provide to them a new, up-to-date certificate of incumbency in relation to the Arjan Plot subject to the Disposal as a condition to completion for the Disposal. A certificate of incumbency for property in Dubai certifies the current directors and officers of the current owner of property. For a property subject to a sale that is owned by a foreign entity the Dubai Land Department requires a validated certificate of incumbency that is not less than 60 days old. As Tejoori is a BVI incorporated entity it is categorised as a foreign entity and therefore the Dubai Land Department require this for the sale of the Arjan Plot. The existing certificate of incumbency held by Tejoori for the Arjan Plot subject to the Disposal is dated July 2016 and is therefore more than 60 days old.

The Dubai Land Department has requested the above before the funds in relation to the Disposal can be transferred to Tejoori. The funds were yesterday provided by SRG to the Dubai Land Department and are being held in escrow. Once the new certificate of incumbency has been provided to, and accepted by, the Dubai Land Department the Board expect the Disposal to complete and the net funds of US$3.57 million to be released by the Dubai Land Department to Tejoori.

The Board understand that the process for validation and attestation of the certificate of incumbency can take approximately 3 weeks. Based on these timings and the discussions held with the Dubai Land Department the Board anticipate that completion of the Disposal will now take place in early November 2016.

Further details on the Disposal can be found in the announcement released by the Company on 5 October 2016.

Further announcements will be made by the Company as appropriate.

About Arjan:

Arjan is an AED 20 billion master planned community covering 11 million square feet and located in the heart of DubaiLand, a significant tourism, leisure and entertainment project.

Conveniently situated on Emirates Road and connected to main arterial roads and highways, Arjan is just 10 minutes' drive from Dubai International Airport, close to Dubai World Central International Airport and 60 minutes away from Abu Dhabi, the UAE's capital city.

The master developer of Arjan is Mizin, part of the Dubai Government owned Dubai Holdings - areal-estate company specialising in Dubai master developments. Mizin has sold development plots to sub-developers to build their own residential and commercial towers.

The developments in Arjan have already commenced, including business towers, entertainment sites and residential complexes.

For further information:

 
 Tejoori Limited            Tel: +971 4 2839316 
 Abdullah Lootah, CEO       ceo@tejooriltd.ae 
 
 Allenby Capital Limited    Tel: +44 (0)203 328 5656 
  (Nominated Adviser and 
  Broker) 
 Nick Athanas/James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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