Tejoori has announced results for the year ended 30 June 2015. This is obviously very out of date now but, for what it is worth, at end June Tejoori had cash of USD2.2m, Wakala (Sharia compliant) deposits of USD 1.4m that pay 5% interest, investments in plots of land in Dubai and an investment in a biogas company, Bekon. They have written down the value of the land by USD 2.6m in these accounts. The NAV has fallen from 97 cents to 83.7 cents.
Arjan Plots
As announced on 17 December 2012, Tejoori successfully entered into settlement agreements to cancel the sale and purchase agreements with regards to its investment in the Lagoons Plots Development in Dubai. At the same time Tejoori also entered into an agreement to acquire 3 replacement plots of land in Dubai Land, namely the Arjan Plots. Under these arrangements, the final deferred consideration payment of approximately USD 320,000 was paid by Tejoori in February 2014 and the Group does not hold any further liability towards the acquisition of the Arjan Plots. Whilst the third Arjan Plot has been fully acquired by the Company the title deed for the third plot has not yet been granted in the Company’s name. Tejoori is considering options for either developing the plots in conjunction with real estate developers or selling them off in their current state. The board of Tejoori is continuing to evaluate the options for the Arjan Plots with a view to maximising value for Tejoori shareholders.
Bekon
As on 30 June 2015, Tejoori retains a 10.1% shareholding in BEKON Holding AG. Bekon specialises in construction and operation of biogas plants for the generation of electricity and gas injection as well as the production of compost and organic fertilizer. Despite of all challenges that BEKON have faced, the Company is still confident with the future prospects of this investment.
TJI : Tejoori NAV falls on write down of land