Plaza Centers said the receipt of proceeds from an agreed sale of property in Bangalore had ceased after Indian authorities proposed a change to the use of land.
Plaza Centers agreed to sell its 50% stake in the assets to a local investor. So, far the purchaser had paid non-refundable advance payments of INR 40 Crores (€5.3m), out of the total consideration of INR 338 Crores (€43.4m) due under the agreement.
Further payments would stop until a mutually acceptable agreement was reached, the company said.
At 2:46pm: (LON:PLAZ) Plaza Centers NV share price was 0p at 87.5p