Cyprus-based Arricano Real Estate plc has announced a final victory in the High Court of Justice in London in a dispute with Stockman Interhold S.A. (the British Virgin Islands) over the right of ownership of Assofit Holdings Limited, which earlier wholly owned Kyiv's Sky Mall shopping center.

"The High Court of Justice in London (the "High Court") has dismissed an application made by Stockman Interhold S.A. ("Stockman") for permission to appeal the High Court's earlier judgment in which it dismissed Stockman's various challenges to the Fourth, Fifth and Seventh Awards (the "LCIA Awards") rendered in the London Court of International Arbitration proceedings between Arricano and Stockman (the "LCIA Arbitration"). This High Court judgment is to be treated as the final in the long-lasting dispute between Arricano and Stockman in respect of the exercise of a call option of shares of Assofit Holdings Limited, a company that earlier owned Sky Mall Shopping Center (Kyiv, Ukraine)," the company said in an announcement on the London Stock Exchange on Friday, January 12.

This ruling brings an end to Stockman's challenge proceedings in respect of the LCIA Awards as Stockman has now exhausted all legal remedies available to it bring such challenges.

"The dispute has been duly considered and resolved by the High Court and it is now up to Stockman to begin the fulfillment of the awards in accordance with the law and its contractual obligations," CEO of Arricano Mykhailo Merkulov said.

The dispute between the two concerns a call option agreement between the pair, dated February 2010, which provided for Arricano's right to buy all Stockman's shares in Assofit, the holding company of the Sky Mall shopping centre in Ukraine.

In keeping with an LCIA award dated May 5, Stockman should transfer shares of Assofit to Arricano Real Estate plc for free.

Arricano is one of the leading real estate developers and operators of shopping centers in Ukraine.