12th Jul 2006 15:14
Tejoori Limited12 July 2006 Tejoori Limited ("Tejoori" or the "Company") Tejoori Limited announces its first investment in the Middle East Tejoori Limited is pleased to announce that it has made its first equityinvestment of $22 million and has entered into a Musharaka agreement withOmniyat to develop several real estate projects across Dubai. The Musharakaagreement provides Tejoori with a direct equity stake in land deals and totalprojects in excess of $135 million. The Musharaka agreement has an initialperiod of up to six months and is based on a profit and loss system where two ormore persons combine either labour or capital and share in the profits or lossesof the venture. Omniyat is one of the most prominent real estate developers in the Middle Eastdeveloping properties focused on lifestyle, luxury and technology. The venturerepresents the development of several mixed-use projects in key locations inDubai. The consideration is being satisfied by internal cash resources of the Company.Tejoori expects the investment to contribute positively to its net asset valueupon the successful completion of the Musharaka agreement. Tejoori continues to actively examine other investment opportunities in sectorswhich include investment services, oil and gas, real estate, aviation,agriculture, and telecommunications. Enquiries Citigate Dewe Rogerson +44 (0) 20 7638 9571David WestoverToby Moore This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tejoori