CTC: Autonomous activities of its companies
6/4/2009 9:12
According to an older decision of the Board of Directors of Cyprus Trading Corporation Plc dated February 4, 2008 within the framework of the Company’s reorganization after CTC Scandia’s activities came entirely under the subsidiaries IDEEA Distribution of Appliances Ltd and Scandia Company Ltd, CTC proceeded with the assignment of the activities of CTC Argosy, CTC Cassandra, CTC Domex and CTC Automotive to the following subsidiaries:
Argosy Trading Company Ltd, the largest distributor of well-known consumer goods in the Cypriot market such as Mars, Kellogg’s, Reckitt Benckiser, Kraft, Unilever, Vivartia, Energizer, Melissa etc, serving the retail trade, the supermarkets and the kiosks.
Cassandra Trading Ltd, importer and distributor of the Philip Morris tobacco goods.
Domex Trading Co. Ltd, which serves the sector of constructions with ceramics and sanitary articles such as Pozzi Ginori and Rex, Hilti tools, Philips lighting and Allshade tents via Domex stores.
CTC Automotive Ltd, which sells Hyundai, Volvo and Iveco cars, Scania and Iveco trucks, Scania, Irisbus and Irisar buses, CAT earthworks, electro-generators, sea machines and heavy lifts.
As it was announced on 4/2/2008, following the reorganization and devolution of CTC’s activities, the Managements of the new Companies will focus in the sector of their activities and specialization more effectively and will achieve their targets to the benefit of the Company and its shareholders. The subsidiaries are also able to proceed with strategic alliances in the sector of their activities to deal with the increasing competition.
The staff members of CTC Scandia will continue to work for the subsidiaries under the same terms, obligations and benefits. All rights and obligations of CTC in relation to distribution agreements, representations and goods’ and services’ suppliers are transferred to those subsidiaries.
The transfer of activities will be carried out on the basis of the net asset of the activity, pursuant to the final results for the year ended December 31, 2008. The exchange will be paid in the form of shares that will be allocated to CTC.
Scandia and Domex to Ermes
Following the transfer of the activities of CTC-Domex to Domex Trading Co Ltd from 1/1/2009 and the prior transfer of activities of CTC-Scandia to IDEEA Distribution of Appliances (subsidiary of Scandia Company Ltd), which sells electric and electronic appliances such as Philips, Whirlpool, De Dietrich, Bosch, Miele, Neff, Galanz, CTC and its subsidiary Ermes Department Stores Plc agreed that the two companies (Scandia and Domex) be sold by CTC to Ermes against €1.5 million for Domex and €4 million for Scandia. The prices were set on the basis of a study by Deloitte & Touche and were evaluated by the competent committees and the Boards of Directors of the two companies.
Argosy Trading Company Ltd, the largest distributor of well-known consumer goods in the Cypriot market such as Mars, Kellogg’s, Reckitt Benckiser, Kraft, Unilever, Vivartia, Energizer, Melissa etc, serving the retail trade, the supermarkets and the kiosks.
Cassandra Trading Ltd, importer and distributor of the Philip Morris tobacco goods.
Domex Trading Co. Ltd, which serves the sector of constructions with ceramics and sanitary articles such as Pozzi Ginori and Rex, Hilti tools, Philips lighting and Allshade tents via Domex stores.
CTC Automotive Ltd, which sells Hyundai, Volvo and Iveco cars, Scania and Iveco trucks, Scania, Irisbus and Irisar buses, CAT earthworks, electro-generators, sea machines and heavy lifts.
As it was announced on 4/2/2008, following the reorganization and devolution of CTC’s activities, the Managements of the new Companies will focus in the sector of their activities and specialization more effectively and will achieve their targets to the benefit of the Company and its shareholders. The subsidiaries are also able to proceed with strategic alliances in the sector of their activities to deal with the increasing competition.
The staff members of CTC Scandia will continue to work for the subsidiaries under the same terms, obligations and benefits. All rights and obligations of CTC in relation to distribution agreements, representations and goods’ and services’ suppliers are transferred to those subsidiaries.
The transfer of activities will be carried out on the basis of the net asset of the activity, pursuant to the final results for the year ended December 31, 2008. The exchange will be paid in the form of shares that will be allocated to CTC.
Scandia and Domex to Ermes
Following the transfer of the activities of CTC-Domex to Domex Trading Co Ltd from 1/1/2009 and the prior transfer of activities of CTC-Scandia to IDEEA Distribution of Appliances (subsidiary of Scandia Company Ltd), which sells electric and electronic appliances such as Philips, Whirlpool, De Dietrich, Bosch, Miele, Neff, Galanz, CTC and its subsidiary Ermes Department Stores Plc agreed that the two companies (Scandia and Domex) be sold by CTC to Ermes against €1.5 million for Domex and €4 million for Scandia. The prices were set on the basis of a study by Deloitte & Touche and were evaluated by the competent committees and the Boards of Directors of the two companies.
