The London and Belfast-based property and investment company, Ashquay, is seeking a listing on the Dublin market. The company, which is already listed on the London Stock Exchange, is in the process of purchasing a 35-acre site of undeveloped land with planning permission for warehousing and light industrial development close to Dublin Airport. It is planning to develop a business park there.
The site is valued at £7 million and the purchase is expected to be approved by Ashquay shareholders at an extraordinary general meeting in December. If approved, the company will then proceed with a listing and could be quoted after December 21st.
Ashquay's chief executive, Mr Harry Sproule, said the company is considering other property investments in the Republic. "We believe this acquisition represents an attractive opportunity for Ashquay to expand its activities in the Republic."
Ashquay has property interests in the UK and in Northern Ireland. Earlier this month it sold a major retail development in Lincoln for £4.25 million sterling (£4.83 million) to Associated British Foods Pension Trustees.
The company reported pre-tax profits of £457,714 in the year to the end of March last with a total investment portfolio worth £30.5 million. Asquay's chairman, Mr Derek Tughan, is a former chairman of the Belfast-based property company Ewart and is also a non-executive director of the exploration group Aminex.
