Resignation of a Non-Executiv

RNS Number : 8234M

Equest Investments Balkans Ltd

04 February 2009

Equest Investment Balkans Limited

Resignation of a Non-Executive Director

The board of directors (the 'Board') of Equest Investments Balkans Limited ('EIB' or the 'Company'), the specialist investment company focused on retail and financial services, infrastructure and property development in South Eastern Europe, today announces that Mr. Kieron O'Rourke has resigned as a Non-Executive Director of the Company with effect from 4 February 2009 due to other commitments.

The Board also announces that the Company's two largest shareholders, namely the State General Reserve Fund of the Sultanate of Oman ('SGRF') and Kairos Investment Management Limited ('Kairos'), have requested the appointment of representatives of SGRF and Kairos as directors of the Company. A further announcement will be made in due course.

The Board notes that State Street (Nominees) Limited, as nominee for SGRF, currently holds 5,894,834 ordinary shares of no par value in the Company ('ordinary shares') (representing 32.27% of the issued share capital of the Company) and funds managed by Kairos own 3,743,866 ordinary shares in the Company (representing 20.50% of the issued share capital of the Company). SGRF and Kairos together control 52.77% of the issued share capital of the Company.

The Company is incorporated, and has its registered office, in the British Virgin Islands and has its ordinary shares only admitted to trading on the AIM Market of the London Stock Exchange. Accordingly, the Directors do not believe that the Company is subject to the provisions of The City Code of Takeovers and Mergers.

Commenting on Mr. O'Rourke's retirement from the Board, John Carrington, Non-Executive Chairman of EIB, said:

'Kieron has been a valuable Non-Executive Director since the Company's inception. We should like to thank him for all his efforts and support and wish him every success in the future.'

Enquiries:

Equest Investments Balkans Limited

+ 44 20 7240 7600

Petri Karjalainen

Naomi Kora

Financial Dynamics

+ 44 20 7831 3113

Nick Henderson

David Cranmer

Collins Stewart Europe Limited (Nomad)

Tel: +44 20 7523 8350

Hugh Field