AFI Development plc (LSE:AFID), the Russian development arm of Lev Leviev-controlled Africa-Israel Investments Ltd. (TASE:AFIL) has obtained a building completion certificate for its AFIMall City, previously known as the Mall of Russia, in Moscow. AFI Development is due to notify the London Stock Exchange about the certificate tomorrow.
The AFIMall was due to open in early December, in order to be ready for the Christmas shopping season, but missed the deadline. Christmas in the Russian Orthodox Church calendar falls on January 7, rather than on December 25.
In mid-December, AFI Development said that construction work was complete, all utilities are connected, including electricity and heating, and the area surrounding the mall would be cleared and cleaned, but that it was waiting for the Moscow authorities to issue a permit for the mall.
AFI Development's share closed at $1.22 in London on Friday, giving a market cap of ₤725 million. Africa-Israel's share price rose 4.7% in early trading on the TASE today to NIS 26.91, giving a market cap of NIS 2.71 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011