Equest Investments Balkans Limited, listed on the London Stock Exchange's alternative investment market, is continuing to divest more assets from the portfolio of companies it owns in Bulgaria in order to boost liquidity.

Its subsidiary Equest Balkan Properties (EBP) is selling its controlling interest in Serdika, a development site in the centre of Sofia, according to a note on the London Stock Exchange, dated November 10.

The total consideration payable in relation to the development amounts to EUR 9.175 M in cash, of which EUR 7.34 M is attributable to EBP.

The controlling interest has been sold to Agriway Holdings Limited.

The proceeds are expected to be received on November 11, 2009.

Following the sale of the asset, EBP will use the proceeds to settle the loan of EUR 5.4 M owed by EBP to Equest Investments Balkans Limited, with the balance being used to strengthen working capital.

Equest bought the Serdika building in 2006 for EUR 10 M, which is less by 27% than the sum the company will receive for divesting this asset.

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