Tejoori Limited Statement-share price movement, Arjan Plots update (1646S)

TIDMTJI

RNS Number : 1646S

Tejoori Limited

15 March 2016

Tejoori Limited

("Tejoori" or the "Company")

Statement re share price movement

and

Update on Arjan Plots

The Board of Tejoori (AIM:TJI), the Dubai-based Shari'a-compliant investment company, notes the recent share price movement in the Company's ordinary shares and today provides an update on the Company's investment in the Arjan Plots. The Arjan Plots are three plots of land in Arjan, a commercial and residential property community development within DubaiLand in Dubai, United Arab Emirates.

The Arjan Plots were acquired by Tejoori in December 2012 and the final deferred consideration payment in connection the acquisition of the Arjan Plots was made by the Company in February 2014. As previously announced by the Company, whilst the third Arjan Plot had been fully acquired by the Company in December 2012, the Company has been awaiting the granting of the title deed for the third plot in the Company's name. The Company can confirm that the third title deed has now been granted in the Company's name.

As previously announced, the Company continues to assess its options for the Group's interest in the three Arjan Plots. These include the potential sale of the plots, individually or as a whole, to a third party. The Company remains in ongoing discussions with third parties on the Arjan Plots and the Board continues to evaluate the options for the Arjan Plots that would seek to maximise returns for Tejoori shareholders. At this stage no agreement has been reached and no contracts have been exchanged with any third party with regards to the Arjan Plots and there is no guarantee that any such agreement will be reached or entered into in the near future.

The Company will keep shareholders updated on developments.

About Arjan:

Arjan is an AED 20 billion master planned community covering 11 million square feet and located in the heart of DubaiLand, a significant tourism, leisure and entertainment project.

Conveniently situated on Emirates Road and connected to main arterial roads and highways, Arjan is just 10 minutes' drive from Dubai International Airport, close to Dubai World Central International Airport and 60 minutes away from Abu Dhabi, the UAE's capital city.

The master developer of Arjan is Minzin, part of the Dubai Government owned Dubai Holdings - a real-estate company specialising in Dubai master developments. Minzin has sold development plots to sub-developers to build their own residential and commercial towers.

The developments in Arjan have already commenced, including business towers, entertainment sites and residential complexes.

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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March 15, 2016 09:02 ET (13:02 GMT)