18th Feb 2015 08:40
LONDON (Alliance News) - Dragon-Ukrainian Properties & Development PLC on Wednesday said it has finalised a deal to sell the rights to develop the second phase of the Obolon residential project in Ukraine to Cheriton Overseas Ltd.
Cheriton will pay USD5 million in cash to acquire the rights, payable in cash in four quarterly instalments starting on March 31. Dragon-Ukrainian said the funds will be used, at least in the short-term, for working capital purposes.
Shares in Dragon-Ukrainian were untraded early Wednesday, having last traded at 27 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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