1st Nov 2013 16:45
LONDON (Alliance News) - The Ottoman Fund Ltd said Friday that it sold 106,207 square meters of its land parcel in the Riva area of Istanbul for USD12 million, plus value added tax, to EAG Tourism & Construction AS.
It expects the entire USD12 million, minus a 1% fee to its investment advisor, to be available to distribute to shareholders following a court approved capital reduction in Turkey.
Ottoman said that following this sale, 824,793 square meters of the land will remain available for sale and development.
Shares in the closed-ended investment company traded down 14% at 25.00 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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