Kerimov’s Developer PIK Jumps Most in Month on Cash Collections
PIK Group (PIKK), a Russian property developer part-owned by billionaire Suleiman Kerimov, jumped the most in a month after saying it expects cash collections to rise as much as 29 percent this year on higher apartment sales.
The company’s global depositary receipts surged as much as 8.4 percent and traded 6.2 percent higher at $2.40 as of 9 a.m. in London, their biggest intraday advance since Dec. 23.
PIK sees cash collections of 62 billion rubles to 67 billion rubles ($2.1 billion) this year versus 52.1 billion rubles in 2011, the company said today in a regulatory filing. New sales to customers may be 600,000 to 650,000 square meters versus 510,000 square meters last year.
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