The €52.5 million, which resulted from the restructuring of the share capital of L 'Union Nationale (Tourism and Sea Resorts) Ltd (Le Meridien Hotel) were used exclusively for the re-payment of all of the company's bank debt to the Bank of Cyprus.

According to the interim management statement of CCC Tourist Enterprises Public Company Ltd, on September 30th, 2014, the Share Capital Restructuring of L' Union Nationale (Tourism and Sea Resorts) Ltd was completed. With the restructuring, the issued share capital of L 'Union increased by €52,5 million by issuing of 40.076.336 shares of nominal value of €1,31 each share. By issuing of these shares, CCCT holds 24.98% of the total issued shares of L 'Union.

“The Proceeds have been used exclusively for the re-payment of bank debts of L'Union to the Bank of Cyprus Public Company Ltd”, it is stressed.

From this transaction, CCCT has recognized an accounting profit of €2,08 million, which concerns the difference between the book value of the assets of L 'Union Nationale attributable to the Company before and after the completion of the restructuring.

“On June 6th, 2014 , C.C.C. Tourist Enterprises Public Company Ltd signed a Memorandum of Understanding (MOU) with Emerald Coast Properties Ltd, which held 50% of the issued shares of L'Union. According to the MOU the issued share capital of L' Union would increase approximately by €52,5 million through the issue of new shares to Emerald (and simultaneous waiver of all and any pre-emption rights of CCCT), the announcement noted.