TJI Tejoori

TIDMTJI

RNS Number : 2199Q

Tejoori Limited

25 November 2016

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

25 November 2016

Tejoori Limited

("Tejoori" or the "Company")

Update on proposed disposal of Arjan Plot

The Board of Tejoori (AIM:TJI), the Dubai-based Shari'a-compliant investment company, announced on 5 October 2016 that the Company had entered into an agreement on 4 October 2016 (the "Agreement") with SRG Holding Limited ("SRG") pursuant to which it had agreed to dispose of one of the two Arjan plots of land (an "Arjan Plot" or, collectively, "the Arjan Plots") owned by Tejoori and part of Tejoori's investment portfolio, for a cash consideration of approximately US$3.7 million (the "Consideration") (the "Disposal").

The Company subsequently announced on 10 October 2016 that Tejoori and SRG had received certain approvals from the Dubai Land Department on 9 October 2016 and the title for the Arjan Plot subject to the Disposal was in the process of being transferred to SRG as purchaser. This transfer completed on 11 October 2016. The Company also announced on 10 October 2016 that the Dubai Land Department had requested a new, up-to-date certificate of incumbency from Tejoori in relation to the Arjan Plot subject to the Disposal as a condition to completion for the Disposal.

The Company has now received a new certificate of incumbency and this has been submitted to the Dubai Land Department. The Company await confirmation from the Dubai Land Department that it has accepted this certificate of incumbency.

Completion of the Disposal and release of the net funds of US$3.57 million from the Dubai Land Department to Tejoori remains conditional on final approvals being received from the Dubai Land Department which the Board of Tejoori is confident will be received shortly.

Further details on the Disposal can be found in the announcements released by the Company on 5 October 2016 and 10 October 2016.

Further announcements will be made by the Company as appropriate.

For further information:

 
 Tejoori Limited            Tel: +971 4 2839316 
 Abdullah Lootah, CEO       ceo@tejooriltd.ae 
 
 Allenby Capital Limited    Tel: +44 (0)203 328 5656 
  (Nominated Adviser and 
  Broker) 
 Nick Athanas/James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISBUBDBXXDBGLU

(END) Dow Jones Newswires

November 25, 2016 10:36 ET (15:36 GMT)

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