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Surongo America 23-08-2005

Surongo America, Inc, a 100% subsidiary of Compagnie du Bois Sauvage, sold on August 18, 2005 one of its two residential properties of 240 apartments in Jacksonville, Florida, USA.
The development of the real estate property started in April 2000 and in which Surongo America invested US$ 5.5 million, has given an annual yield rate of aprox. 24%.
The sale produces US$ 7.9 million in liquidity after taxes and a net profit of around US$ 6.8 million.