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Hirco plc (HRCO)

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Friday 12 August, 2011

Hirco plc

HIRCO: PROJECT UPDATE

RNS Number : 3148M
Hirco plc
12 August 2011
 

News Release

12 August, 2011

 

HIRCO: PROJECT  UPDATE

 

LONDON - Hirco PLC (AIM:HRCO), ("Hirco" or the "Company"), the AIM-quoted real estate investment company, announces the following news in relation to the two investment projects in Chennai and Mumbai:

 

In order to provide improved monitoring and reporting of the projects, the Board announces that

Manly Development Services Ltd (MDSL), an international development and project management consultancy, will assist the Board in completing the valuation of the two projects as at 30th September 2011.  The valuation will be carried out in India by CB Richard Ellis (CBRE).  Manly will also utilise the services of Gleeds in India, a leading firm of construction cost consultants.

 

MDSL and CBRE, working closely together, have commenced an intensive period of work in both assessing overall value and also clearly understanding and evaluating the future phasing and the development plan for the two projects, using information provided by the project companies.  There will then be a detailed review of this work by the Board in India.

 

Contacts                               

Hirco                                                                           Gutenberg Communications

Nigel McGowan                                                            US - Hugh Burnham / Michael Gallo

+44 1624 647069                                                           +1 212 239 8595 / +1 212 239 8594

[email protected]                                                          [email protected] [email protected]

HSBC Bank plc (nominated adviser)                                    

Nic Hellyer                                                                  

+44 (0)20 7991 8888

ENDS


This information is provided by RNS
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