Kimberly Enterprises Regulatory News (KBE)

1 Mar 2007 07:03

Engel East Europe N.V.01 March 2007 1 March 2007 Engel East Europe N.V. Azorim completes investment in Engel Group Pursuant to the agreement announced on 1 December 2006, Engel East Europe N.V.("Engel East Europe" or "the Company"), the AIM-quoted Central and EasternEuropean ("CEE") residential property developer (EEE:LN), is pleased to announcethe completion yesterday of the proposed acquisition by Azorim Development andConstruction Co. Limited ("Azorim") of Jacob Engel's entire interest in LagnaHoldings Limited ("Lagna"). Lagna is the ultimate holding company of the Engel Group and is listed on theTel Aviv Stock Exchange. The Engel Group is a group of Israeli public andprivate companies, which has a controlling shareholding in Engel GeneralDevelopers Limited, which in turn has a 65.9 per cent. shareholding in EngelEast Europe. Azorim is a well established residential developer since 1964 and is one of thetop three largest residential developers in Israel. Yeshayahu Boymelgreen is thecontrolling shareholder of Azorim. Jacob Engel no longer holds a significant interest in Engel East Europe,although he is expected to remain as Executive Chairman of Engel East Europeuntil at least January 2008. Enquiries: Engel East Europe N.V. Nir Netzer +972 9970 7024 Dawnay, Day Corporate Finance Limited Gerald Raingold / Sandy Jamieson +44 (0) 20 7509 4570 This information is provided by RNS The company news service from the London Stock Exchange