Tejoori Limited Statement-share price movement, Arjan Plots update (1646S)
16 March 2016 - 12:02AM
UK Regulatory
TIDMTJI
RNS Number : 1646S
Tejoori Limited
15 March 2016
Tejoori Limited
("Tejoori" or the "Company")
Statement re share price movement
and
Update on Arjan Plots
The Board of Tejoori (AIM:TJI), the Dubai-based
Shari'a-compliant investment company, notes the recent share price
movement in the Company's ordinary shares and today provides an
update on the Company's investment in the Arjan Plots. The Arjan
Plots are three plots of land in Arjan, a commercial and
residential property community development within DubaiLand in
Dubai, United Arab Emirates.
The Arjan Plots were acquired by Tejoori in December 2012 and
the final deferred consideration payment in connection the
acquisition of the Arjan Plots was made by the Company in February
2014. As previously announced by the Company, whilst the third
Arjan Plot had been fully acquired by the Company in December 2012,
the Company has been awaiting the granting of the title deed for
the third plot in the Company's name. The Company can confirm that
the third title deed has now been granted in the Company's
name.
As previously announced, the Company continues to assess its
options for the Group's interest in the three Arjan Plots. These
include the potential sale of the plots, individually or as a
whole, to a third party. The Company remains in ongoing discussions
with third parties on the Arjan Plots and the Board continues to
evaluate the options for the Arjan Plots that would seek to
maximise returns for Tejoori shareholders. At this stage no
agreement has been reached and no contracts have been exchanged
with any third party with regards to the Arjan Plots and there is
no guarantee that any such agreement will be reached or entered
into in the near future.
The Company will keep shareholders updated on developments.
About Arjan:
Arjan is an AED 20 billion master planned community covering 11
million square feet and located in the heart of DubaiLand, a
significant tourism, leisure and entertainment project.
Conveniently situated on Emirates Road and connected to main
arterial roads and highways, Arjan is just 10 minutes' drive from
Dubai International Airport, close to Dubai World Central
International Airport and 60 minutes away from Abu Dhabi, the UAE's
capital city.
The master developer of Arjan is Minzin, part of the Dubai
Government owned Dubai Holdings - a real-estate company
specialising in Dubai master developments. Minzin has sold
development plots to sub-developers to build their own residential
and commercial towers.
The developments in Arjan have already commenced, including
business towers, entertainment sites and residential complexes.
For further information:
Tejoori Limited Tel: +971 4 2839316
Abdullah Lootah, CEO ceo@tejooriltd.ae
Allenby Capital Limited Tel: +44 (0)203 328 5656
(Nominated Adviser and
Broker)
Nick Athanas/James Reeve
This information is provided by RNS
The company news service from the London Stock Exchange
END
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