OREANDA-NEWS. On 22 July 2008 XXI Century announced that the Anti-Monopoly Committee of Ukraine ("AMC") has approved the acquisition of the 50% participatory interests not currently owned by XXI Century in "Kapital-Market LLC" and "Trest-Forum LLC" from Ferfax Limited (the "Transaction") pursuant to the agreement entered into with Ferfax Limited on 25 April 2008 (as amended). Completion of the transaction was conditional upon receipt of the AMC approvals.

On 28 April 2008, it was announced that "Kapital-Market LLC" and "Trest-Forum LLC" were the two joint venture companies which hold titles to the land lease agreements in respect of the Alupka mixed-use complex in the Crimea. These land lease agreements are valid for 49 years.

The Company expects that consolidation of ownership in this project will streamline the decision-making process for the development and ensure a timely delivery of one of the largest assets in its portfolio.

The Alupka mixed-use complex is expected to comprise of a premium residential and recreational complex with multifunctional commercial amenities. The commercial concept of the property has been completed by Horwath HTL (France). Global Estudios S.L. (Spain) is now in process of developing a Concept master plan of the Alupka mixed-use complex.

The project is located on the shore of the Black Sea in the resort territory of Great Yalta in the Crimea, visited by thousands of travellers every year. The site is close to popular tourist attractions and has convenient and accessible transport links.  

The consideration for the Transaction comprises a cash element of USD 10 million, which has been satisfied, and the issue of 1,007,935 Ordinary Shares in the share capital of the Company (the "Consideration Shares") to Ferfax Limited. The total consideration at the date of issuance of the Consideration Shares implies that the property is acquired at a 58% discount to its most recent independently appraised value.

Application for admission to AIM of the Consideration Shares was applied for on 17 July 2008 and is expected to be effective on 23 July 2008. Following admission, XXI Century will have a total of 38,347,935 Ordinary Shares in issue.