27/02/2007 Exchange welcomes Chagala Group, Western Kazakhstan’s leading real estate developer.
27 February 2007
Exchange welcomes Chagala Group, Western Kazakhstan’s leading real estate developer.
Chagala is the leading real estate developer in West Kazakhstan, exploiting real estate development opportunities related to the emerging offshore oil and gas industry in the region. The diversified property portfolio includes a chain of three star hotels catering to businessmen working in the rapidly expanding energy sector, fully-serviced, high quality apartments, a range of stand alone food and beverage outlets, office buildings complying with international standards and a sizeable portfolio of land in strategic locations for future development.
The Company is expanding in centres of oil and gas operations in West Kazakhstan namely: Atyrau, the administrative centre for Kazakhstan’s oil & gas industry, Bautino, the supply base for the off-shore oil industry; Aktau, a major Kazakh sea port with oil-loading facilities; and Uralsk, the regional centre connected with the Karachaganak gas field, one of the biggest gas condensate fields in the world.
Commenting on the company’s admission to the Exchange's the Main Market, Tim Abson, Chief Executive of Chagala, said:
"We have been delighted by the amount of interest shown in Chagala. Chagala represents a unique investment opportunity and we are pleased to be joining the main market of the London Stock Exchange - today’s listing is an important step for Chagala as we move into the next phase of the Company’s development. The Board would like to extend a warm welcome to all the Company’s new shareholders as we seek to build long-term value and a platform for future growth."