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Engel East Europe NV (KBE)

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Tuesday 12 January, 2010

Engel East Europe NV

Controlling shareholder share

RNS Number : 4122F
Engel East Europe N.V.
12 January 2010


   12 January 2010

This announcement replaces the previous RNS announcement released on 8 January 2010 at 10.17 (RNS number 2481F) and corrects the price paid for the shares purchased.

Engel East Europe N.V. 

Share purchase by controlling shareholder

Engel East Europe N.V. ('Engel' or 'the Company'), the AIM-listed Central and Eastern European high-end property developer (EEE: LN), has been notified by Azorim Investment Development & Construction Co. Ltd ('Azorim') that, on 27 October 2008 it acquired 1,625,732 Engel shares at 38p per shareand on 2 November 2008 it acquired a further 2,800,000 shares at 38p per sharerepresenting in aggregate 5.0 per cent of the total issued share capital of the Company.  These shares are held indirectly.

Azorim also holds directly 1,230,000 Engel shares, representing 1.4 per cent of the total issued share capital of the Company.

In addition, Azorim has a controlling interest in Engel General Developers Ltd, which holds 59,996,111 Engel shares representing 68.4 per cent of the issued share capital of Engel.  Azorim therefore controls 74.8 per cent of the issued share capital of the Company.  Azorim's equitable interest in Engel through its direct holdings and through its interest in Engel General Developers Ltd equates to approximately 52.9 per cent of the issued share capital of Engel.

Mr. Shaya Boymelgreen is a director of Engel and a director of Azorim.



Engel East Europe N.V.

Samuel Hibel

Tel: +972 (9) 970 7004

Libertas Capital Corporate Finance Limited

Tel: +44 (0) 20 7569 9650

Sandy Jamieson

Bankside Consultants

Tel: +44 (0) 20 7367 8888

Simon Bloomfield or Andy Harris

This information is provided by RNS
The company news service from the London Stock Exchange