Sale of Rodacar

RNS Number : 3617D

Equest Investments Balkans Ltd

01 December 2009

 



1 December 2009 

EQUEST INVESTMENTS BALKANS LIMITED

("EIB" or the "Company") 

Sale of Rodacar

The Board of EIB today announces that, as part of its continuing disposal of non-core assets, it has sold its Rodacar property in Varna to BA Creditanstalt Bulus EOOD, a 100% owned subsidiary of UniCredit Leasing Italy, for Euro 9.934 million in cash, after deduction of VAT.

The majority of the proceeds of this sale, together with EIB's share of the proceeds of the sale of the Serdika property and the consequent repayment by Equest Balkan Properties Plc to EIB of a loan of Euro 5.4 million (as previously announced), will be used to further reduce debt obligations of the EIB Group. 

EIB continues to negotiate with the various banks serving its group companies to seek to restructure their related facilities.

-ENDS-

Enquiries:

Equest Investments Balkans Limited	Ian Schmiegelow (Chairman)	Tel: + 44 20 7630 3350
Financial Dynamics	Ed Gascoigne-Pees Nick Henderson	Tel: + 44 20 7269 7132
Collins Stewart Europe Limited (Nomad)	Hugh Field	Tel: [phone]
KBC Peel Hunt Limited  (Broker)	Capel Irwin	Tel: + 44 20 7418 8900

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