Africa-Israel: Most of stores are due to begin operations during the first quarter of 2011.
Despite repeated promises in notices to the Tel Aviv Stock Exchange (TASE) and in financial reports by Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, and its Russian development arm, AFI Development plc (LSE:AFID), that the Mall of Russia project in Moscow would open in the first week of December - it hasn't. One of the reasons for delay is that no permit has yet been received from the Moscow Municipality.
The delay means that the Mall of Russia will not be open for this year's Christmas shopping season.
On July 12, AFI Development said that the Mall of Russia project would open in the first week of December. The company added that the mall was 70-75% let, and that most of stores would begin operations during the first quarter of 2011.
Africa-Israel explicitly said in its financial report for the third quarter that the Mall of Russia would open in December
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2010
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