LONDON (Alliance News) - Ukrainian real-estate developer Arricano Real Estate PLC was admitted to the AIM market Thursday morning under the ticker ARO.
The company, which specialises in operating shopping centres, said in a statement that a private placing of 10.3m shares at a price of USD2.33 had raised gross proceeds of USD24 million.
The placing price gave the company a market capitalisation of approximately USD241 million.
Funds raised would be used to continue development of the company's portfolio of properties, it said, as well as allowing acquisition of new sites and funding working capital requirements.
Arricano said it intends to remain focused on Ukraine.
The company owns and operates four shopping centres in Ukraine and has an interest in a fifth, with a combined 160,000 square metres of gross leasable area.
In the statement, Arricano also announced the acquisition of four development properties for a mixture of cash and shares. Arricano said it had issued 28.4 million shares valued at USD66 million to the sellers and also would make a deferred cash payment for one of the properties of not more than USD20 million in cash.
In the six months ending June 30 the company made a net loss of USD3.5 million on revenues of USD12.2 million, and held net assets of USD131 million as of that point.
The group has Smith & Williamson as its nominated adviser and joint broker, with Whitman Howard Limited also a joint broker.
Shares in the company had not started trading early Tuesday morning.
By Philip Nye; philipnye@alliancenews.com
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