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MESSAGE (ENGLISH VERSION) | |
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Purchase of a 27,5% interest in a plot of land in the city of Stara
Zagora, Bulgaria
The Board of Managing Directors of Cinema City International N.V. with
its corporate seat in Amsterdam, the Netherlands (the "Company") informs
that the Company's wholly owned Dutch subsidiary - IT Sofia BV has
entered into a purchase agreement of 27.5% of shares in Grand Galleria
OOD, a Bulgarian entity, which owns 9,200 sqm plot in the city of Stara
Zagora, Bulgaria. Another 27.5% of shares in the company Grand Galleria
shall be purchased by the company Ocif Eastern Europe Ltd. As a result
of this transaction both companies: IT Sofia BV and Ocif Eastern Europe
Ltd will hold 55% shares in the said plot. The remaining 45% of the plot
will be held by the original owners of the plot.
In exchange of the shares in Grand Galleria OOD, IT Sofia BV shall pay a
purchase price amounting to 2,700,000 Euros. The Closing of the
transaction is subject to the successful fulfillment of certain
condition precedents. Furthermore, shareholder's agreement has been
concluded regulating the management policies and procedures of Grand
Galleria and the relationship among the shareholders in the company
Grand Galleria OOD.
Like in the case of the Company's three other real estate investments in
Bulgaria - in Ruse (please refer to current report no 26/2007 dated 23
July 2007), in Plovdiv (please refer to current reports: No. 24/2007
dated June 30, 2007 and 13/2006 dated December 22, 2006) and in Sofia
(please refer to the Company's prospectus dated 17 November 2006
-Material Contracts — Mall of Sofia Agreements), the Company together
with Ocif intends to develop upon the acquired land a 50 000 square
meter shopping mall with the modern multiplex theatre located therein.
Legal grounds: Art. 56.1.1 of the Act of 29 July 2005 on the public
offering, conditions governing the introduction of financial instruments
to organized trading system and on public companies.
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