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30.01.2007 / 18:14 Kazakhstan developer plans 100m pounds sterling London float
LONDON. January 30. KAZINFORM. A Kazakhstan property company is looking to make a 100 million pounds streling flotation on the main market of the London Stock Exchange.
Chagala has been in operation for 12 years, building western-style hotels and serviced flats for the oil industry based around the Caspian Sea. It is looking to raise around 50 million pounds sterling as part of its debut on the London stock market to fund further expansion.
Chagala, run by British-born chief executive Timothy Abson and Spaniard Javier del Ser, pulled in USD 14.5 million (7.4 million pounds sterling) of revenues for the nine months to September 30 last year, a 24 per cent rise on the same period the year before.
A flurry of central and eastern European property companies have floated in London over the past two years, mostly via the junior Alternative Investment Market. Investors in some companies have endured volatile times over the past year, with some companies stuggling to meet the hype surrounding central European residential property prices, Kazinform cites James Rossiter, Times Online.
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