Plaza Centers N.V. UPDATE REGARDING SALE OF PROJECT BANGALORE INDIA (6670U)
August 02 2022 - 10:38AM
UK Regulatory
TIDMPLAZ
RNS Number : 6670U
Plaza Centers N.V.
02 August 2022
August 2, 2022
PLAZA CENTERS N.V.
UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN
BANGALORE, INDIA
Plaza Centers N.V. (" Plaza " or the " Company ") announces
today, further to its announcement dated June 14, 2022, regarding
the dispute between Elbit Plaza India Real Estate Holdings Limited
(a subsidiary held equally by the Company (47.5%) and Elbit Imaging
Ltd. (47.5%)) (" EPI ") and a local investor (the " Purchaser ")
which undertook to purchase EPI's whole rights in the SPV which
holds the site in Bangalore, India (the " Asset ") and regarding to
the informal non-binding proposal received from the Purchaser to
purchase EPI's whole rights in the Asset and to complete the
transaction in exchange for a payment of INR 112 -117 crores
(approximately EUR 13.5-14.1 million) (of which he already
deposited INR 15 crores (approximately EUR 1.85 million)) ; and
further to its announcement dated June 28, 2022, regarding the
arrest of the founder and CEO of the Purchaser; that the Purchaser
has been released from custody of the certain government agency
which had arrested him. Further, as a proof of his intentions, the
Purchaser deposited an additional amount of INR 2.5 crores.
It is stated that the negotiation between the parties for
formulating a binding agreement for the completion of the
transaction for the purchasing EPI's whole rights in the Asset,
based on the Purchaser proposal as stated above, has not yet been
formulated into a binding agreement and there is no certainty that
it will lead to closing, however the negotiation between the
parties is in advanced stage.
Ends
For further details, please contact:
Plaza
Ron Hadassi, Executive director; 972-526-076-236
Forward-looking statement
This press release may contain forward-looking statements with
respect to the completion of the transaction. Such statements are
based on current expectations, estimates and projections of Plaza
Centers N.V. and information currently available to the Company.
Plaza Centers N.V. cautions readers that such statements involve
certain risks and uncertainties that are difficult to predict and
therefore it should be understood that many factors can cause
actual performance and position to differ materially from these
statements.
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is listed on the Main
Board of the London Stock Exchange, and, on the Warsaw Stock
Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv
Stock Exchange("PLAZ").
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END
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