LONDON (Alliance News) - Shares in Kimberly Enterprises NV tumbled Monday after the property developer said its financial condition remains weak, as it has not yet received the sale proceeds from disposals from its joint ventures.
Kimberly Enterprises shares were down 22% Monday morning, after it said it has not yet received the disposal proceeds from its 50% owned joint venture with Heitman LLC, from the sale of the fourth stage of the Safranka project, and the sale of the Zabki project during 2013.
Shares in Kimberly Enterprises were trading at 0.250 pence per share Monday morning.
The real-estate development company said that, as its working capital position has not yet been boosted by the sale proceeds, it continues to rely on the financial support of its parent company group
It said it continues to negotiate with its joint venture partner to agree the distribution of the proceeds.
The company said it expects to announced further project disposals within the next few months.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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