Nirro Group Holding (0987A)
January 26 2011 - 3:01AM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 0987A
AFI Development PLC
26 January 2011 AFRICA ISRAEL INVESTMENTS BUYS ADDITIONAL SHARES
FROM NIRRO GROUP
26 January 2011
AFI Development PLC ("AFI Development" or the "Company") today
reports that its major shareholder, Africa Israel Investments, has
announced that it has agreed to purchase approximately 9.7% of the
aggregate equity and voting rights in AFI Development (the
"Holdings") from a company wholly-owned by Mr. Alexander Khaldey,
the General Director of AFI Development. This sale represents a
disposal of Mr. Khaldey's entire shareholding in the Company.
Africa Israel Investments will purchase the Holdings for a total
consideration of approximately USD 129 million. The consideration
under the Agreement, as specified above, assuming the completion of
both stages of the transaction, reflects a weighted price of
approximately USD 1.27 per each share or GDR of AFI
Development.
The transaction will be carried out in two stages, with 2.96% of
the equity and voting rights in AFI Development being transferred
upon execution of the agreement and the remainder of the Holdings
being transferred in May 2011. The completion of the transactions
are subject to the fulfilment of a number of conditions. Once these
have been met, Africa Israel Investments will hold approximately
64% of the equity and voting rights in AFI Development. Alexander
Khaldey will continue to serve as General Director of AFI
Development.
Izzy Cohen, CEO of Africa Israel Investments, commented: "This
agreement confirms the long term commitment of Africa Israel
Investments to AFI Development. We continue to see major growth
opportunities in the Russian real estate sector and Moscow in
particular, which AFI Development is uniquely positioned to
realise."
- ENDS -
For further information, please contact:
AFI Development
Stanislav Joukov +7 495 796 9988
Natalia Ivanova
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
Sandra Novakov
Lucie Holloway
About AFI Development
AFI Development is one of the leading real estate development
companies operating in Russia. Established in 2001, AFI Development
is a publicly traded subsidiary of Africa Israel Investments
Ltd.
AFI Development is listed on the Main Market of the London Stock
Exchange and aims to deliver shareholder value through a commitment
to innovation and continuous project development, coupled with the
highest standards of design, construction, and quality and customer
service.
AFI Development focuses on developing and redeveloping high
quality commercial and residential real estate assets in Moscow,
the Moscow Region, and other major cities in Russia and the CIS.
The Company's existing portfolio of 29 development projects
comprises commercial projects focused on offices, shopping centers,
hotels and mixed-use properties, and residential projects. AFI
Development's strategy is to sell the residential properties it
develops and to either lease the commercial properties or sell them
for a favorable return.
AFI Development is a leading force in urban regeneration,
breathing new life into city squares and neighborhoods and
transforming congested and underdeveloped areas into thriving new
communities. The Company's long-term, large-scale regeneration and
city infrastructure projects establish the necessary groundwork for
the successful launch of commercial and residential properties,
providing a strong base for future.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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