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Alliance News


Dragon-Ukrainian Receives USD5.3 Million From Henryland Sale

Tue, 24th Dec 2013 11:57


LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC Tuesday said it is to receive a USD5.3 million dividend payment after Henryland, in which it has a 38% stake, sold off its six big box retail schemes in Ukraine.

The sale represents a 23.3% discount to the 30 June 2013 carrying value of Henryland's net assets transferred of USD30.908 million, according to the company.

It is expected to complete the sale by the end of 2014, but has already received an initial installment of about USD14.1 million.

"The disposal of Henryland's investment properties and payment of today's dividends will decrease DUPD's carrying value for its investment in Henryland by USD8.05 million to approximately USD3.65 million," the company said in a statement.

Henryland will no longer own any investment properties or other assets and is not intending to conduct any active business operations after the completion of the sale.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2013 Alliance News Limited. All Rights Reserved.

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