LONDON (Alliance News) - Arricano Real Estate PLC Tuesday said the London Court of International Arbitration tribunal has declared that Arricano has satisfied the conditions to execute its call option to complete the purchase of the remaining 50.03% stake in the Sky Mall shopping centre in Kiev.
Arricano currently has a 49.97% stake in the Ukrainian shopping centre, which was opened in 2007, with the remaining stake held by Stockman Interhold SA.
"We are very pleased that the tribunal has confirmed that Arricano has fulfilled all of its obligations and satisfied the necessary conditions in respect of this purchase, and we look forward to completing the acquisition of the portion of the Sky Mall which we do not currently own," Chief Executive Mykhaylo Merkulov said in a statement.
Shares in Arricano were untraded Tuesday morning, last trading at 2.34 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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