2008-05-07
Thomson Financial
LONDON (Thomson Financial) - Paper producer Kazakhstan Kagazy Plc. said the market value of Astana Contract JSC.'s assets amounted to $175 million as at April 11, according to an independent appraisal performed by CBRE Scot Holland.
It added that after adjusting this figure for net debt and accounting for certain other adjustments, the net asset value of Astana Contract at the date of the acquisition is estimated at $88 million. The effective purchase cost to Kagazy equates to a pre-money valuation of $42 million, the group said.
Kazakhstan Kagazy chief executive Yuriy Bogday said: "We see significant opportunities in combining our real estate assets with the largest industrial and warehouse operator in Central Asia."
On April 14, Kazakhstan Kagazy said it bought a 90 percent stake in Astana Contract for $57.6 million.