Ariel Hasson, CEO of Kardan NV
: “Kardan’s real estate and water infrastructure activities continued their positive operational performance in Q2 2017. In Real Estate, the sales process of the apartments in the new C
towers in Dalian just commenced with encouraging interest in July 2017. We also see good performance of our joint venture residential projects.
In water infrastructure, we were recently awarded a USD 176 million agriculture project in Zambia, and three agriculture projects in Angola, totaling USD 291 million. We continue to see strong business development opportunities for new projects and are hopeful to secure additional strategic projects in the course of the coming months.
Unfortunately, currency movements had a severe negative impact on our equity position as at June 30, 2017, although in August, over the last weeks, the trend in currencies reversed, which may compensate for a certain part of the aforementioned decline in our equity.
However, the expected closing of Star Pumped Storage sale
should generate profit to further strengthen our equity position. In addition, the intended sale of Tahal is also expected to generate profit that will increase our equity.
We expect that the sale of Tahal will enable us to meet our 2018 debt repayment obligations. We will continue to do the utmost to divest assets in a manner that will allow us to maximize value and proceeds, in the interest of all of Kardan’s stakeholders.”