AFI Share purchase completion (5408J)
July 01 2011 - 2:00AM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 5408J
AFI Development PLC
01 July 2011
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN
COMPLETION OF THE PURCHASE OF ADDITIONAL
AFI DEVELOPMENT SHARES BY AFRICA ISRAEL INVESTMENTS
London, 1 July 2011 - AFI Development plc ("AFI Development" or
"the Company") today reports that the purchase of its shares by its
major shareholder, Africa Israel Investments Ltd. ("Africa Israel
Investments") from companies wholly-owned by Mr. Alexander Khaldey,
(the "Sellers") was completed today. In this final stage of the
transaction the Sellers have transferred to Africa Israel
Investments equity and voting rights in the Company constituting
5.14% of the equity and voting rights in the Company, for a
consideration of approximately US$64 million. In the earlier stages
of this transaction, the Sellers have transferred to Africa Israel
Investments approximately 2.96% of the total equity and voting
rights in the Company for a consideration of approximately US$45
million, which was set-off against a previous loan, and
approximately 1.61% of the equity and voting rights in the Company
for a consideration of US$20 million. Following the completion of
the transaction, Africa Israel Investments now holds approximately
64% of the equity and voting rights in AFI Development.
- ENDS -
For further information, please contact:
AFI Development
Alexander Adadurov +7 495 796 9988
Natalia Ivanova
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
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 30 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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