Ace Liberty & Stone Plc

May 09, 2008 05:36 ET

Investment in Development Property

LONDON, UNITED KINGDOM--(Marketwire - May 9, 2008) - Ace Liberty & Stone Plc ("Ace" or "the Company")

The directors are pleased to announce that the Company has made a cash investment of Pounds Sterling 250,000 in the Orchid Tower, a mixed-use tower in Ras Al Khaimah ('RAK'), Dubai. The investment made by Ace entitles the company to 4.58% of the development project's forecast profits to be made when the development is complete and the units are sold.

The tower is located in the heart of RAK and the business hub of RAK. The RAK Free Zone, Ministry of Economic Development and Hilton are surrounding the Tower. RAK offers unique investment opportunities currently attracting a large number of businesses and growing fast with a number of multimillion dollar real estate projects; thirty hotels are under construction. RAK Ceramics is one of the largest producers of ceramics in the world today.

The directors believe that this is an excellent opportunity for the Company to participate in a fast growing and potentially very profitable real estate development.

The Directors of the Issuer accept responsibility for the contents of this announcement.

Contact Information

  • Ace Liberty & Stone Plc
    Ivan Minter
    01992 651531
    Alfred Henry Corporate Finance Limited
    Jon Isaacs
    020 7251 3762