CLR Inv.: Kerria Ltd sells two subsidiaries against $52mln
3/11/2003 10:19
CLR Investment Fund Limited would like to inform investors that on Friday 31.10.2003 Kerria Limited, in which CLR has a stake of 10%, sold 100% of its subsidiaries Cambest Holdings Limited and Deepocean Maritime Limited to Atlantic Investment Limited and Culverstone Investments Limited against the sum of US$52,000,000. Cambest Holdings Limited and Deepocean Maritime hold more than 90% of the shares of OAO Novorolesexport, owner of Novorossysk port in Russia.
CLR acquired 10% of the share capital of Kerria in 2000 with an investment of US$1.5. This acquisition is expected to have positive impacts to the financial statements of Kerria Limited and by extension to CLR. It is noted that Kerria Limited has significant investments in Russia in the sectors of production and trading of timber.
CLR acquired 10% of the share capital of Kerria in 2000 with an investment of US$1.5. This acquisition is expected to have positive impacts to the financial statements of Kerria Limited and by extension to CLR. It is noted that Kerria Limited has significant investments in Russia in the sectors of production and trading of timber.
