LONDON (Alliance News) - Arricano Real Estate PLC Wednesday said a claim has been lodged with the Commercial Court in Kiev contesting its ownership of the Shopping and Entertainment Complex RAYON, one of five shopping malls it owns and operates.
Arricano said last week, as part of the standard procedure in respect of this type of dispute, the court made an interim ruling preventing any disposal of the complex.
The real estate operator, however, said it has no intention of disposing of the asset in the short to medium term and so is unaffected by this ruling.
"Arricano is confident this case is without foundation and its ownership of SEC RayON is legally demonstrable; a fact further supported by the recently completed USD25 million refinancing which involved a detailed review by the lender into all aspects of the asset," it added.
The site has not been affected by the case, and continues to operate as normal, it said.
The stock was trading at 2.13 pence Wednesday, down 0.42 pence or 16.5%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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