Press releases – 2009

Memorandum of Understanding with Newrest Group

06 Oct 2009

Chagala Group, the specialist London listed Kazakh real estate developer and operator, is pleased to announce it has signed a Memorandum of Understanding ("MoU") with Newrest Group ("Newrest"), a specialist caterer within the food industry.

Chagala and Newrest have entered into an agreement to combine their individual areas of expertise, to create Newrest-Chagala Kazakhstan, a new company initially focused on the delivery of catering services and remote site management in Kazakhstan.

Newrest-Chagala Kazakhstan will be owned 51% by Newrest and 49% by Chagala. The new company's main geographical focus will be West Kazakhstan, where the giant Karachaganak and Kashagan oil and gas operations are under development, and where Chagala already has a strong presence.

This joint venture combines two complementary areas of expertise, and increases the range of products, services and on-site solutions which can be provided to Chagala's and Newrest's existing and new clients.

Mr. Tim Abson, CEO of Chagala and Mr. Jonathan Stent-Torriani, Co-Chairman of Newrest said:

"We are delighted to have signed this exciting joint venture agreement. We intend to be at the forefront of bringing international standard catering and tailor-made remote site management services to major projects in Kazakhstan."

"This joint venture also serves as a clear illustration of Chagala's commitment to provide a full and comprehensive range of services and products to the oil and gas industry in Kazakhstan and we look forward to showing continuing progress in this area into, and throughout, 2010."

-Ends-

For more information:

Notes to Editor

Chagala Group

Chagala, formed in 1994, is the leading real estate developer and operator in West Kazakhstan, exploiting opportunities related to the emerging offshore oil and gas industry in the region.

Chagala is Kazakhstan's only listed developer, owner and manager of apartments, hotels, office buildings, restaurants and bars. Chagala was listed on the LSE in February 2007

Newrest Group

Newrest is an international group with extensive expertise and experience in the field of airline catering and handling and other in-flight services, as well the provision of business & industry catering,remote site catering and facility management solutions – www.newrest.eu