Persianas Group (the “Company” or “Persianas”) is the developer of the first, internationally specified, purpose-built mall (The Palms Shopping Mall) in Nigeria. The Company’s existing portfolio comprises the Palms Shopping Mall and Polo Park Mall in Lagos and Enugu State respectively which are in operation and two other malls in Kwara and Oyo States that are under development. The Company’s vision is to develop and list Nigeria’s first investment grade real estate portfolio. The Nigerian real estate sector is expected to produce high growth in the medium term driven by the recovering economy, and other high growth sectors of commerce, construction, telecommunications, and a recovery in the financial services sector. This is expected to lead to demand for real estate product in all sectors in an environment where there is a dearth of quality stock of real estate and the market is undersupplied. To address Nigeria’s vastly underserved commercial property, Persianas is undertaking a restructuring and expansion of its operations which involves the: i) building and development of new retail and mixed used centres; ii) establishment and development of a professional asset management company; and iii) restructuring of the Company’s balance sheet (“The Project”). At completion, the new Project is expected to provide at least approximately 140,000 square meters of business infrastructure.