AFI Development PLC Resignation of Non-Executive Director (7963S)

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RNS Number : 7963S

AFI Development PLC

28 December 2016

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

AFI DEVELOPMENT PLC

("AFI DEVELOPMENT" OR "THE COMPANY")

RESIGNATION OF NON-EXECUTIVE DIRECTOR

London, 28 December 2016 - AFI Development announces today that it has received a notice from Mr Moshe Amit, non-executive director of the Company, of his resignation from the Board of Directors, effective from 31 December 2016. The resignation is due to age (Mr Amit is 81) and medical considerations.

The Company has a number of candidates for the position of non-executive director to replace Mr Amit, and will update the market as and when the new director is appointed.

Commenting on today's announcement, Mr Lev Leviev, Executive Chairman of AFI Development, said: "On behalf of the Board of AFI Development and the whole Company, I would like to thank Mr Amit for the years of his valuable and constructive contribution to the Board of AFI Development".

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For further information, please contact:

AFI Development, [phone]

Ilya Kutnov

Citigate Dewe Rogerson, London [phone]

David Westover

Sandra Novakov

About AFI Development

Established in 2001, AFI Development is one of the leading real estate development companies operating in Russia. AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction and quality and customer service.

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.

AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 28, 2016 02:00 ET (07:00 GMT)