Global City Holdings
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Jul

Purchase of a 55% interest in a plot of land in the city of Stara Zagora, Bulgaria (10 July 2008)

 

With reference to the current report No. 14/2008 of 28 March 2008, the Board of Managing Directors of Cinema City International N.V. with its corporate seat in Amsterdam, the Netherlands (the "Company") hereby announces that all of the conditions precedent have been met for the purchase by the Company's wholly owned Dutch subsidiary - IT Sofia BV, of shares in the Bulgarian company, M.O. Stara Zagora OOD (formerly known as Grand Galleria OOD) , and that the closing of transaction was completed  successfully on 9 July 2008, and the purchase price was paid in full.
The Company announces that IT Sofia BV purchased 55% the shares in M.O. Stara Zagora OOD, including the shares that were initially to be purchased by Ocif Eastern Europe Ltd. The other 45% are still held by the original shareholders of the company. The Company anticipates that the process of its formal registration as shareholders of all 55% of the shares shall be completed within 2 months.  
The total share price was EUR 5,400,000.
Upon closing the transaction, the Company, through its subsidiary IT Sofia BV, holds 55% percent stake in M.O. Stara Zagora OOD, which owns a 9,200 sq. m. plot of land in the city of Stara Zagora, Bulgaria.
The plot will be used for the construction of a shopping mall with a Cinema City multiplex located therein.