C.T.O: Sale of property in Limassol against €1.8m
2/7/2010 9:08
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, C.T.O. Public Company Ltd announces that it has proceeded with the sale of a plot at the Industrial Area of Limassol together with the plant that is hosted in it.
The Ministry of Commerce, Industry and Tourism has approved the application for the sale of the property via a letter dated June 30, 2010.
In view of the fact that the Company proceeds with the reorganization of its activities, which aims at assigning the production and disposal of paper products to third parties, the property and the plant that used to hold has no strategic or operating value for the Company apart from economic. With the reorganization, the Company will no longer be actively involved in the production of paper products but in their sale and distribution to existing and new customers. As a result, the Company proceeded with the sale of the property in order to boost its financial condition.
In order to sell the property, it took into account an independent estimate. The property has been sold to Evangelos Aristou Ltd against €1,750,000, €50,000 of which have already been paid and the remaining sum will be paid at the transfer of the property. The profit resulting from the transaction stands at €740,000 before the capital gain tax. This profit will be used for the payment of the Company’s banking obligations, the future investments and other corporate and trade actions.
It is declared that the transaction is at arm’s length. The sale of the property is not related to and does not affect directly or indirectly the interests of the Secretary or any other “determined person”, pursuant to the CSE Law.
The Ministry of Commerce, Industry and Tourism has approved the application for the sale of the property via a letter dated June 30, 2010.
In view of the fact that the Company proceeds with the reorganization of its activities, which aims at assigning the production and disposal of paper products to third parties, the property and the plant that used to hold has no strategic or operating value for the Company apart from economic. With the reorganization, the Company will no longer be actively involved in the production of paper products but in their sale and distribution to existing and new customers. As a result, the Company proceeded with the sale of the property in order to boost its financial condition.
In order to sell the property, it took into account an independent estimate. The property has been sold to Evangelos Aristou Ltd against €1,750,000, €50,000 of which have already been paid and the remaining sum will be paid at the transfer of the property. The profit resulting from the transaction stands at €740,000 before the capital gain tax. This profit will be used for the payment of the Company’s banking obligations, the future investments and other corporate and trade actions.
It is declared that the transaction is at arm’s length. The sale of the property is not related to and does not affect directly or indirectly the interests of the Secretary or any other “determined person”, pursuant to the CSE Law.
