ARO Arricano Real Estate Plc

 
 Arricano Real Estate Plc (ARO) 
Update on Potential Disposal 
 
08-Jan-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                                                             08 January 2020 
 
                          Arricano Real Estate Plc 
 
                       ("Arricano" or the "Company") 
 
                        Update on Potential Disposal 
 
            On 31 July 2019, Arricano had announced that it had entered into 
     negotiations to sell (the "Sale") two of its shopping and entertainment 
centres ("SECs"), Sun Gallery (located in Kryvyi Rih, Ukraine) and City Mall 
       (located in Zaporizhzhia, Ukraine). It had also announced that it had 
    entered into non-binding heads of terms with, inter alia, Dragon Capital 
                       Investments Limited ("DCI") in relation to such Sale. 
 
Arricano's strategy is to optimise the operation of each property within its 
          portfolio of Kyiv and regional shopping and entertainment centres. 
 
   The management team of Arricano has developed upgraded strategies for the 
 Sun Gallery and City Mall SECs, which it believes will increase their value 
  and efficiency. As a result, the negotiations with DCI concerning the Sale 
                                                   are no longer proceeding. 
 
                                Ganna Chubotina, CEO of Arricano, commented: 
 
     "We believe that implementation of the refined strategies for these two 
centres located outside Kyiv is a good opportunity to achieve an increase in 
      their value. With the cancellation of the disposal to DCI, we now look 
              forward to achieving this uplift for the benefit of all of our 
                                                              shareholders." 
 
                                                                  Enquiries: 
 
                              Arricano Real Estate plc Tel: +38 044 594 9471 
 
                                                             Ganna Chubotina 
 
                      Nominated Adviser and Broker: Tel: +44 (0)20 7220 1666 
 
                                                          WH Ireland Limited 
 
                                                              Chris Fielding 
 
                                      Financial PR: Tel: +44 (0)20 3151 7008 
 
                                              Novella Communications Limited 
 
                                                  Tim Robertson/Fergus Young 
 
ISIN:           CY0102941610 
Category Code:  MSCM 
TIDM:           ARO 
LEI Code:       213800F8AMPULEKXFX22 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   38968 
EQS News ID:    948183 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

January 08, 2020 02:00 ET (07:00 GMT)

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