TJI Tejoori

TIDMTJI

RNS Number : 9647H

Tejoori Limited

24 August 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").

Tejoori Limited

("Tejoori" or the "Company")

Disposal of investment in BEKON Holding AG

The Board of Tejoori (AIM:TJI), the Dubai-based Shari'a-compliant investment company, announces that, on 10 August 2016, the Company disposed of its 10.1% interest in BEKON Holding AG ("BEKON"). BEKON was acquired by the Eggermann Group for a total consideration of EUR 2 million. Due to the rights of preferential shareholders of BEKON in a sale, Tejoori did not receive any initial consideration for the sale of its shares. The decision to sell BEKON to the Eggermann Group was made by the majority shareholders of BEKON. Tejoori was forced to dispose of its interest by virtue of drag-along rights in the BEKON shareholders' agreement. There is a potential earn out for selling shareholders of BEKON in the sale and purchase agreement with Eggermann, although Board of Tejoori does not consider that it is possible to assess at this stage whether this will lead to any future earnings for the Company.

As at 31 December 2015, the book value of the Company's interest in BEKON was USD 3,350,000. In the year ended 30 June 2015, the Company impaired the book value of its interest in BEKON, resulting in a loss for the year of USD 1,150,000.00 on the investment in BEKON.

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/John Depasquale 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 24, 2016 02:00 ET (06:00 GMT)

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