LONDON (Alliance News) - Shares in Kimberly Enterprises NV jumped 20% Tuesday after it said it had agreed to sell its Arces International BV subsidiary to an undisclosed third party for a nominal consideration.
The central and eastern European property developer said Arces has no material assets and negative equity of around EUR3.7 million; the sale will result in an estimated book profit of EUR3.7 million in Kimberly's consolidated financial statements, Kimberly said.
The sale will not provide any cash benefit to the company, which will continue to have a "substantial net asset deficit" once it is complete, the company said.
Shares in Kimberly Enterprises were up 20% at 1.20 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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