19 Jul 2016 12:28
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Disposal
Kimberly, the AIM-listed Central and Eastern European property developer (KBE:L), announces that it has agreed to sell its 100% owned subsidiary, Arces International B.V. ("Arces"), to a third party for a nominal consideration. Arces has no material assets and negative equity of approximately €3.7m. The disposal will result in an estimated book profit of €3.7m in Kimberly's consolidated financial statements. The disposal does not provide any cash benefit to the Company, which will continue to have a substantial net asset deficit once the transaction is completed.
For further information, please contact:
Kimberly Enterprises N.V. | |
Assaf Vardimon | +31 20 778 4141 |
Cairn Financial Advisers LLP (Nomad) | |
Sandy Jamieson, James Caithie | +44 207 148 7900 |
Kimberly Enterprises (KBE)