11 Jun 2012 15:50
CH Bailey plc
11 June 2012
Acquisitions
CH Bailey plc ("the Company" or "the Group"), the diverse group of businesses, with investments and operations around the world in Leisure, Property principally in Tanzania and Malta and a UK engineering business, is pleased to announce the acquisition of two properties.The first is 30 St Barbara's Bastions, which is a town house overlooking the Grand Harbour, located in Valletta, Malta and was acquired at a cost of around € 1,200,000. The second is a property of 24 acres located with beach front in Kimbiji Bay, some 25 miles south of Dar es Salaam, the largest city in Tanzania, which was acquired at a cost of around $ 800,000. The purchase of both properties was settled from the Group's own cash resources.
The Group anticipates announcing its results for the financial year ending 31st March 2012 in Mid-August 2012.Commenting on the two transactions, Mr Charlie Bailey, Executive Chairman for the Group said:"These are two good investments, which will give the Company the opportunity to develop and expand its operations in two countries, Malta and Tanzania, which we know well and which continues to offer development opportunities, even in these difficult times"
Further information:
Bryan Warren, Company Secretary
C.H.Bailey Plc
Tel: 01633 262961
Richard Day / Jamie Cameron
Arden Partners plc
Tel: 020 7614 5917