2008-05-07
Dow Jones
ALMATY, Kazakhstan (Dow Jones)--Kazakhstan Kagazy PLC (KAG.LN), paper producer and industrial real estate developer, said Wednesday that the market value of land and facilities of Astana Contract JSC amounted to $175 million April 11, 2008.
The company said the appraisal was performed by CBRE Scot Holland.
"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," Kazakhstan Kagazy said in a statement. "The effective purchase cost to Kagazy equates to a pre-money valuation of $42 million at that same date.
"The independent valuation of Astana Contract confirms the attractiveness of this transaction," 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."