29 Mar 2017 11:00
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Disposal
Kimberly, the AIM-listed Central and Eastern European property developer (KBE:L), announces that the Company sold its wholly owned subsidiary, ENMAN B.V. ("ENMAN"), on 29 March 2017 to a third party for a nominal amount ("Disposal").
Prior to the Disposal, ENMAN had transferred its wholly owned subsidiary, Palace Engel Veleslavin a.s. ("Veleslavin") to the Company, so that Company owns directly 100% of Veleslavin. This transaction was recorded as a dividend distribution by ENMAN to the Company.
As a consequence of the Disposal, the Company no longer controls ENMAN, and therefore has ceased to consolidate ENMAN in its financial statements. The Company will recognise non-cash income of EUR 0.9 million under "other income" in its consolidated statement of profit or loss as a result of the Disposal in the financial statements for the first quarter of 2017.
The Company has not provided any guarantees for the liabilities of ENMAN or any of its subsidiaries.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Kimberly Enterprises N.V. | |
Sagee Kadosh | +31 20 778 4141 |
Cairn Financial Advisers LLP (Nomad) | |
Sandy Jamieson, James Caithie | +44 207 213 0880 |