XXI Century finds new strategic investor

DCH, a company controlled by a Ukrainian businessman Alexander Yaroslavsky, agreed to buy a 50% stake in Ovaro Holding Limited, a company that holds a 60.1% stake in XXI Century (XXIC LN), for USD 10.3 mln. The capitalization of XXI Century at USD 34.3 mln implied by the deal is broadly in line with current MCap (USD 35.6 mln). The transaction is expected to be completed by March 20, 2012. In a comment to business daily Kommersant, Yaroslavsky said he plans to transfer all his real estate projects to XXI Century, but does not plan to increase his stake in the company further.