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Ukrainian first for the Island

The Isle of Man marked another first on the Alternative Investment Market on Friday with the flotation of the first Ukrainian property specialist.

Dragon Ukrainian Properties & Development is newly formed and incorporated here in the Island. It placed 104 million shares at around a pound each.

The firm focuses on development and redevelopment of commercial property in Europe's second-largest country.

It says it’s hoping for an annual dividend yield between seven and ten per cent and expects to invest the proceeds of the Initial Public Offering within two and a half years.

It’s being managed by Dragon Capital Partners, an affiliate of Ukrainian investment banking and asset management group Dragon Capital.

(Image: The Ukrainian flag).

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