RAK Real Estate Ltd. - Acquisition, General Meeting, Admission to PLUS

Proposed Acquisition of Interests in the Rafco Business from Rafco International Real Estate Company K.S.C.C. 

It was announced today that the Company has entered into a conditional agreement for the acquisition of the entire beneficial interest in and to the economic benefit of the Rafco Business. The total consideration payable for the Acquisition, which is conditional upon Admission, is $927,129,210.00 to be satisfied by the issue of the Consideration Shares being 185,425,842 Shares, representing an issue price per Share of $5.00. The Board has received a valuation report from the Rafco Business Valuer in respect of the Rafco Business dated 30th June 2008 indicating a value for the Rafco Business predicated on completion of the Projects of $927,129,210.00.

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