OREANDA-NEWS. On 05 May 2008 XXI Century Investments Public Limited, one of Ukraine's leading real estate investment, development and property management companies, announced that it has entered into an agreement (the "Agreement") with Ferfax Limited to acquire the 50% participatory interests not currently owned by XXI Century in "Kapital-Market LLC" and "Trest-Forum LLC" (the "Transaction").

"Kapital-Market LLC" and "Trest-Forum LLC" are the two joint venture companies which own the title to the land lease agreements in respect of the Alupka-Shakhter mixed-use complex in Crimea.

The consideration for the Transaction will be satisfied by a cash payment to Ferfax of US\\$10 million payable within 12 months and the issue of 1,007,935 ordinary shares in the capital of XXI Century. Once the Transaction has been completed, XXI Century will have a total of 38,347,935 ordinary shares in issue.

The Agreement is conditional upon, inter alia, receipt of the necessary approvals from the Anti-Monopoly Committee of Ukraine.