17th Mar 2015 08:10
LONDON (Alliance News) - Kimberly Enterprises NV saw its shares rise early Tuesday after it said it has finalised the sale of the Troja Project in the Czech Republic, a sale that's expect to generate it EUR3 million in net proceeds.
The project of luxury apartments in Prague is being sold for a total cash consideration of CZK195 million, or about EUR7 million, and the net proceeds are expected to be about EUR6 million. Kimberly has a 50% stake in the project, so will get half the net proceeds.
Kimberly expects the deal to complete within the next month.
Its shares were up 40.0% at 0.350 pence early Tuesday. Its stock had plunged late last month after the sale of the project was delayed by a month.
By Steve McGrath; [email protected]; @stevemcgrath1
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