Email Facebook Twitter

EXCLUSIVE: Alastair Smith, Avacta Group CEO gives an Operational Update

Alliance News

Dragon-Ukrainian Properties & Development Says Henryland To Sell Six Retail Schemes

Thu, 16th Jan 2014 17:04

LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC Thursday said the board of Henryland Group Ltd, in which it has a 38% stake, has entered into an agreement with a unnamed third party to sell its six "big box" retail schemes for USD23.7 million.

Henryland owns six "big box" retail schemes in regions of Ukraine, of which three are fully operational and cash-generating.

Dragon-Ukrainian said the arrangement followed the sale by an affiliate of Dragon Capital Investments Ltd, its investment manager, of its shareholding in the principal tenant of the three operational schemes owned by Henryland, Nova Liniya, to an unrelated third party.

The transaction is expected to complete by the end of 2014 when all assets are transferred, but Henryland has already received an initial installment of about USD14.1 million.

The firm said immediately following the receipt of the installment, the board of Henryland approved the payment of USD13.8 million in dividends to its shareholders, of which Dragon-Ukrainian received USD5.3 million.

The disposal of Henryland's investment properties and payment of dividends will decrease Dragon-Ukrainian''s carrying value for its investment in Henryland by USD8.1 million, to approximately USD3.7 million, it said.

Following the completion of the disposal of the six properties, Henryland will no longer own any investment properties or other assets and is not intending to conduct any active business operations, it added.

Dragon-Ukrainian shares closed at 33.03 pence Thursday, down 0.22 pence or 0.7%.

By Anthony Tshibangu;;

Copyright 2014 Alliance News Limited. All Rights Reserved.

Alliance News

Related Shares:

Back to Alliance News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.