thx schreef op 27 oktober 2013 14:53:
Kardan NV (KARD), the Amsterdam-based real estate investment company, is seeking to sell its controlling stake in Globe Trade Centre SA, Poland’s second-largest property developer, to pay back its own debt.
“A few” investors are performing due diligence on the Warsaw-based company and the process could lead to a sale of Kardan’s 27.8 percent holding to a strategic investor this year, Kardan and GTC said in regulatory statements today. The stake’s market value was 643 million zloty ($206 million) based on yesterday’s closing price on the Warsaw Stock Exchange.
Kardan is raising cash to improve liquidity and meet “loan repayment obligations,” including payback of debt due in February 2014 and in 2015, it said in the statement. The company sold 15 percent of GTC for 754.7 million zloty in 2011 to financial investors and 160.8 million zloty of shares on the stock market in 2009, according to data compiled by Bloomberg.
“The news is positive in the medium term as it reduces the risk of share placement on the market,” Andrzej Knigawka, an analyst at ING Groep NV’s Warsaw unit, said by phone.
“The chances of a transaction materializing are high as GTC said that there are several companies conducting due diligence.”Komt allemaal goed.
Kardan N.V. (Israel)
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