AFI Development plc on Tuesday confirmed Monday's report in "Globes" which quoted an industry analyst saying that Africa-Israel Investments Ltd.'s AFIMall City in Moscow is far from being completed and is not ready to open.
The report resulted in the share price of the company's Russian development arm, which owns the mall, to fall 5.7% in heavy trading.
Prior to Monday, the latest target opening date given by Africa Israel was January. On Tuesday, AFI Development confirmed that there will be a soft opening in early March and a grand opening in May.
On January 24, AFI Development announced that it had received a certificate of completion for the AFIMall City from the Moscow Municipality.
On Tuesday, however, the company announced, "Further to the announcement of January 24, 2011 and in accordance with the planned development schedule, the final works requested by the municipal authorities regarding safety and fire hazards are being carried out in order to receive authorization to proceed with a 'soft opening' of the mall to the general public."
The company now expects the mall to open in early March.