15th May 2014 12:53
LONDON (Alliance News) - The Ottoman Fund Ltd Thursday said it has sold the remainder of its Riva land for USD101 per square metre, a total of USD32.2 million plus VAT, to Danis Tourism and Construction AS and Levent Selamoglu.
The sale price is approximately the company's last published book value for Riva. Taxes will be payable on the profits from the sale, which primarily result from currency gains, it said.
The Ottoman Fund said said it expects to announce a return of capital once a capital reduction in Turkey has been completed.
The Ottoman Fund shares were flat at 27.5 pence Thursday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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