Subscribe to Print Edition | Thu., November 20, 2008 Cheshvan 22, 5769 | | Israel Time: 03:14 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate GA 2008 Travel Week's End Anglo File

AFI paying out $200 million dividend By Michael Rochvarger Investors in Russian real estate deny that the Russian market is "like a black hole" but the results that Lev Leviev's AFI Development delivered for the first nine months of 2008 paint a dire picture. Its figures and admissions of delays show just how challenging the real-estate industry in Russia is these days. With projects suspended, and urgent liquidity requirements looming, the board of Africa Israel, the holding company of AFI Development, has decided nevertheless to give its shareholders dividends totaling $200 million. AFI Development stock has lost 92% since the firm's successful London IPO in May of 2007. Today its market cap is just $584 million - about the same as its shareholders equity. Advertisement AFI Development, managed by Alexander Khaldey, said that profit sank 67% for the first nine months of the year to about $28 million. Based on a valuation conducted by Jones Land LaSalle, AFI Development trimmed $27.3 million from the value of its Four Winds 1 project, and another $26.5 million for the Botanical Gardens project. The reduced valuations hit AFI Development net profits, reducing them by $46.9 million. As the markets fell into crisis, AFI Development decided to suspend its ambitious plans to complete 34 projects, and is now focusing on three central ones in which it is involved: Mall of Russia, Tverskaya Zastava and Ozerkovskaya, for which it has arranged financing. The situation on the markets has also forced the company to trim its workforce. Bookmark to del.icio.us   The King is dead Archeologists find new evidence for King Herod's tomb site. Al-Hasbara Israel launches Arabic YouTube channel to bypass Arab media.

Read & React Bradley Burston: Dividing Jerusalem, one wall at a time Responses: 42 Peres: Obama told me he was 'very impressed' with Arab peace plan Responses: 75 VIDEO / Peres speech at Oxford University disrupted by anti-Israel protesters Responses: 104 Settler rabbi: The State of Israel is an enemy of the people Responses: 69 Hamas: We're prepared to end cease-fire and confront Israel Responses: 49 More Headlines 22:25 IAEA: Syria site bombed by Israel bore features of nuclear reactor 22:05 Israel to boycott 'Durban II' anti-racism conference 21:40 Assad: Israel never asked Syria to cut ties with Hezbollah, Iran 21:42 PA negotiator: Obama told Abbas he'd spare no effort to see Mideast peace 19:26 Israel launches Arabic YouTube channel to bypass Arab media 22:02 Jewish Republican representative elected to top deputy spot in Congress 01:36 Archaeologists find new evidence for King Herod's tomb site 23:06 GA special report / Satisfied participants bid farewell to Jerusalem 00:44 U.S. FAA downgrades Israel's aviation safety ranking 19:04 Dividing Jerusalem, one wall at a time 02:09 Al-Qaida No. 2: Obama guilty of betraying Muslim roots in backing Israel 00:42 Peres speech at Oxford University disrupted by anti-Israel protesters 02:07 Warsaw completes restoration project marking Jewish Ghetto boundaries 01:50 Court sentences Boaz Yona to 7 years, doubles damages he must pay 02:40 Report: 90% of schools offer auxiliary programs not monitored by Education Min. Previous Editions Select Day 19 nov 18 nov 17 nov 16 nov 14 nov 13 nov 12 nov 11 nov 10 nov 09 nov 07 nov 06 nov

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