Kimberly Enterprises Regulatory News (KBE)

25 Jan 2008 07:00

Engel East Europe N.V.25 January 2008 FOR IMMEDIATE RELEASE 25 January 2008 Engel East Europe N.V. PRE-CLOSE TRADING UPDATE Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listedCentral and Eastern European ("CEE") residential property developer (EEE:LN),announces that it has completed a comprehensive review of the business,initiated by the Board in October 2007 and in the light of its stated strategyof focusing on high-end projects in CEE. Following this review, the Board has decided to discontinue the Company'snon-core operations in Canada and Germany where it will dispose of its landholdings at prices expected to be below book value. As a result, the accountsfor the year ended 31 December 2007 will include a provision in respect of theseholdings of approximately • 3.5 million, which provision was not included inmanagement's expectations for the financial performance in the year. The Company has continued the expansion of its high-end portfolio, for examplewith the acquisition in December 2007 of land in Trioja, Prague, for 100 luxuryapartments. The Company expects to make a full announcement of results for the year ended 31December 2007 in March 2008. ENDS Enquiries: Engel East Europe N.V.Eitan Padan Tel: +972 (9) 970 7004Sam Salman Tel: +1 (646) 214-2000 Dawnay, Day Corporate Finance Tel: +44 (0) 20 7509 4570LimitedGerald RaingoldNick Lovering Bankside Consultants Tel: +44 (0) 20 7367 8888Simon BloomfieldAndy Harris This information is provided by RNS The company news service from the London Stock Exchange