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MESSAGE (ENGLISH VERSION) | |
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The Board of Managing Directors of Cienma City International N.V. (the
"Company") is happy to announce that on 21 December 2006 the Company's
wholly-owned subsidiary - IT Sofia B.V. - completed the deal to acquire
3,000 ordinary shares with a nominal value of BGN 10 each (consisting of
500 existing shares and 2,500 newly issued shares) in a Bulgarian join
stock company Rilon Bulgaria Jsc. The shares represent 30% of the share
capital of Rilon Bulgaria Jsc and were acquired under the share purchase
agreement between IT Sofia B.V., Sapphire Development EOOD (a company
from the Aviv group) and Rilon Israel Ltd, Danmar Bulgaria Ltd and
Centro Plovdiv Ltd. The share acquisition was financed fron the
Company's internal sources.Rilon Bulgaria Jsc owns the land in a
city of Plovdiv with around 400 thousand of inhabitants, which the
Company, together with the Aviv group, is going to develop for its next
shopping centre in Bulgaria, i.e., Mall of Plovdid. Together Aviv and
the Company hold 60% of Rilon Bulgaria Jsc and will control the process
of the mall development.Futhermore, the Company completed a deal
to lease space in the Mall of Plovdiv to operate a 10-screen multiplex.
The lease agreement contains standard clauses typical for such
agreements and gives the Company the exclusivity right to operate the
cinema in the Mall of Plovdiv.Earlier in the week, and in the
presence of the Interior Affairs Ministry of Bulgaria, Mall of Plovdid
corner stone was celebrated in Plovdid.The Mall of Plovdiv
project will be developed at the total cost of around EUR 40 million.
Mall of Plovdiv will consist of approximately 24,000 sq. m., with over
100 shops spread on two floors, and over 600 car parking space. The mall
in scheduled to open during 2008.The Development of the Mall of
Plovdiv is important part of the Company's real estate strategy. The
Company intends to sell the Mall of Plovdiv during the construction,
like in the case of the Mall of Sofia, while holding the lease to
operate the multiplex to be located therein.Legal grounds: Art.
56.1.1 of the Act of 29 July 2005 on the public offering, coditions
governing the introduction of financial instruments to organised trading
system and on public companies.
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