Kimberly disposes of ENMAN, keeps Veleslavin
Kimberly Enterprises NV
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16:59 07/02/18
Central and Eastern Europe-focussed property developer Kimberly announced on Wednesday that it sold its wholly owned subsidiary ENMAN on 29 March to a third party for a nominal amount.
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The AIM-traded firm said prior to the disposal, ENMAN had transferred its wholly owned subsidiary - Palace Engel Veleslavin - to the company, so that Kimberly owns 100% of Veleslavin directly.
That transaction was recorded as a dividend distribution by ENMAN to the company.
“As a consequence of the disposal, the company no longer controls ENMAN, and therefore has ceased to consolidate ENMAN in its financial statements,” the board explained in a statement.
“The company will recognise non-cash income of €0.9m under ‘other income’ in its consolidated statement of profit or loss as a result of the disposal in the financial statements for the first quarter of 2017.”
Kimberly said it did not provide any guarantees for the liabilities of ENMAN or any of its subsidiaries.