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Equest Inv Balkans (TBI)

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Tuesday 10 November, 2009

Equest Inv Balkans

Sale of Serdika

RNS Number : 2881C
Equest Investments Balkans Ltd
10 November 2009
 




EQUEST INVESTMENTS BALKANS LIMITED

("EIB" or the "Company") 


Sale of Serdika


The Board of EIB today announces that EIB has entered into an agreement for the sale of its minority interest in Serdika, a development site in the centre of Sofia which it owns jointly with Equest Balkan Properties PLC ("EBP"), to Agriway Holdings Limited. The total consideration payable in relation to the development amounts to Euro 9.175 million in cash. Of the total consideration, Euro 1.835 million is attributable to EIB's share and its net proceeds are expected to be received on 11 November 2009.

It is expected that, following receipt of its share of the proceeds of Serdika, EBP will repay a loan of Euro 5.4 million owed by EBP to EIB. 

The majority of the proceeds of the sale and the loan repayment will be used by EIB to reduce debt obligations of the EIB Group.


-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: +44 20 7523 8350

KBC Peel Hunt Limited 
(Broker) 

Capel Irwin

Tel: + 44 20 7418 8900 




This information is provided by RNS
The company news service from the London Stock Exchange
 
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