Tejoori Limited Completion of disposal of Arjan Plot (8290X)

TIDMTJI

RNS Number : 8290X

Tejoori Limited

24 February 2017

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").

24 February 2017

Tejoori Limited

("Tejoori" or the "Company")

Completion of disposal of final Arjan Plot

Further to the Company's announcement of 5 January 2017 in relation to the proposed disposal (the "Disposal") of the final remaining Arjan plot of land (an "Arjan Plot" or, collectively, "the Arjan Plots") owned by Tejoori as part of its investment portfolio, the Board of Tejoori (AIM:TJI) is pleased to announce that the Company has now received the requisite final approvals from the Dubai Land Department ("DLD"). In addition, Tejoori Emirates LLC, a wholly-owned subsidiary of the Company, received, on 23 February 2017, the gross consideration of AED 21,312,540.00 (approximately US$5.8 million) in consideration for the Disposal from Mr Mohammad Ali Abdulla (the "Buyer"). The Company has transferred the title deed to the Buyer and, as such, the Disposal is deemed to have completed. The Company no longer owns any of the Arjan Plots and has disposed of its entire investment portfolio.

The Board intends to use the net proceeds from the Disposal, estimated to be US$5.7 million following payment of expenses by the Company in connection with the Disposal, to provide the Company with additional working capital and to supplement the intended return of cash to its shareholders, as was previously announced. As detailed in the announcement of the Company's full year results on 29 December 2016, the Company intends to, following the sale of this final Arjan Plot, proceed with returning to shareholders a proportion of the cash generated from the sale of the three Arjan Plots. There is no guarantee at this stage that any return of cash to shareholders will take place and shareholders will be updated at the appropriate time.

Further details on the Disposal can be found in the announcement released by the Company on 5 January 2017.

For further information:

 
 Tejoori Limited            Tel: [phone] 
 Abdullah Lootah, CEO       [e-mail] 
 
 Allenby Capital Limited    Tel: [phone] 
  (Nominated Adviser and 
  Broker) 
 Nick Athanas/James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 24, 2017 09:15 ET (14:15 GMT)