Business
2nd Investment in Kreditmart
2nd Investment in Kreditmart.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n Aurora Russia Limited\n28 September 2007\n\n28 September 2007\n\n\n\n Aurora Russia to invest a further £10 million into Kreditmart\n\n\n\nAurora Russia Limited ('Aurora Russia'), the AIM-quoted investment vehicle\nestablished to make equity or equity-related investments in small and mid-sized\nprivate companies in Russia, announces that it has invested a further £10\nmillion into Kreditmart, to support further growth of the finance company which\ndistributes mortgages, equity release loans and other consumer finance products.\n Kreditmart is wholly owned by Aurora Russia which has now invested a total of\n£22.5 million in the Company.\n\n\n\nKreditmart is a leading multi-brand and multi-product loan financial supermarket\nin Russia that specialises in mortgages and consumer loans. It was established\nby Aurora Russia with a £12.5 million investment in November 2006 and has shown\nstrong performance and made significant progress in building its distribution\nnetwork. Kreditmart opened its first loan shop in Moscow in March 2007 followed\nby its second loan shop in St. Petersburg in August. Two more branches in Omsk\nand Novosibirsk are scheduled to open in October. Leases have been signed on\nlocations in Ekaterinburg and Rostov-on-Don, both to open by year-end. In\naddition, Kreditmart has opened an additional 5 sales points in high street\nlocations in Moscow and the Moscow Region within the real estate sales offices\nof Doki and Realmart. Kreditmart offers over 400 loan products from 18 partner\nbanks and to date has originated over $10 million in mortgage loans. Kreditmart\ncurrently employs 80 mortgage professionals.\n\n\n\nSir Trevor Chinn, Chairman of Aurora Russia, commented on the investment:\n\n'Kreditmart has been steadily exceeding our expectations in terms of growth\ndynamics; we are committed to further supporting Kreditmart's buoyant\ndevelopment'.\n\n\n\nJames Cook, Chairman of Kreditmart and Director of Aurora Russia, said:\n\n'The Russian mortgage market is very vibrant and set for further growth; we are\ndetermined to leverage this trend to our advantage so as to deliver greater\nvalue to our shareholders. '\n\n\n\nEnquiries:\n\n\nAurora Russia Limited\nJames Cook, Moscow +7 495 644 1662\nJohn McRoberts, London +44 20 7839 7112\n\nKreditmart\nNatalia Pushko +7 495 644 1660\n\nFinancial Dynamics\nEd Gasc...