C.T.O: Sale of property from Lemeco Silvex against €2.8m
28/1/2010 9:32
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 its subsidiary Lemeco Silvex Trading Ltd proceeded with the sale of a plot in Limassol Industrial Area together with the plant situated in it.
The Ministry of Commerce, Industry and Tourism approved the application for the sale of the plot via a letter sent on January 26, 2010.
The main business reason for this sale is its contribution to the Company’s profitability.
For the sale of this property, an independent valuation was taken into account. The property has been sold to AGROFARM LIMITED and GDL Trading Ltd against the sum of €2,750,000, €100,000 of which have already been paid cash and the remaining sum will be paid off with the transfer of the property in cash. From this sale, a pre-tax profit of €1,166,374 has resulted. This profit will be used for future investments and other corporate and trade actions.
It is declared that the transaction was at arm’s length. The sale of the property is not related to and does not affect directly or indirectly the Secretary’s interests or the interests of any “determined person”, pursuant to the CSE Law.
The Ministry of Commerce, Industry and Tourism approved the application for the sale of the plot via a letter sent on January 26, 2010.
The main business reason for this sale is its contribution to the Company’s profitability.
For the sale of this property, an independent valuation was taken into account. The property has been sold to AGROFARM LIMITED and GDL Trading Ltd against the sum of €2,750,000, €100,000 of which have already been paid cash and the remaining sum will be paid off with the transfer of the property in cash. From this sale, a pre-tax profit of €1,166,374 has resulted. This profit will be used for future investments and other corporate and trade actions.
It is declared that the transaction was at arm’s length. The sale of the property is not related to and does not affect directly or indirectly the Secretary’s interests or the interests of any “determined person”, pursuant to the CSE Law.
