C.T.O: Purchase of plot by Lemeco Silvex against €1.41m
16/6/2009 10:30
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 has proceeded with the purchase of a property in the Limassol Industrial Area, together with a plant situated next to the existing factory of C.T.O Public Company Ltd.
The Ministry of Commerce, Industry and Tourism has approved the application for the purchase of the property with a letter dated June 15, 2009.
The main business reason for the purchase of the plot is the need for more storage spaces due to the expansion of the Group’s activities.
This plot together with the plant which is adjacent to the existing plant of C.T.O Public Ltd provides economies of scale improving the operation and the better service of the Group’s activities and needs.
For the acquisition of the plot, the Company took into account an independent evaluation. The purchase of the property has been carried out by Elma Properties & Investments Limited against the sum of €1,410,000, which will be paid with the payment of €420,000 cash and the transfer to the benefit of the seller of 5,500,000 existing shares of C.T.O Public Company Ltd at the price of €0.18 each.
It is noted that the transaction was at arm’s length. Mr. Iacovos Constantinides, non-executive Board member of C.T.O Public Company Ltd and Manager of Elma Properties & Investments Limited did not participate in the procedure. The acquisition of the property is not related to and does not affect directly or not the Secretary’s interests or the interests of any “determined person” pursuant to the CSE Law.
The Ministry of Commerce, Industry and Tourism has approved the application for the purchase of the property with a letter dated June 15, 2009.
The main business reason for the purchase of the plot is the need for more storage spaces due to the expansion of the Group’s activities.
This plot together with the plant which is adjacent to the existing plant of C.T.O Public Ltd provides economies of scale improving the operation and the better service of the Group’s activities and needs.
For the acquisition of the plot, the Company took into account an independent evaluation. The purchase of the property has been carried out by Elma Properties & Investments Limited against the sum of €1,410,000, which will be paid with the payment of €420,000 cash and the transfer to the benefit of the seller of 5,500,000 existing shares of C.T.O Public Company Ltd at the price of €0.18 each.
It is noted that the transaction was at arm’s length. Mr. Iacovos Constantinides, non-executive Board member of C.T.O Public Company Ltd and Manager of Elma Properties & Investments Limited did not participate in the procedure. The acquisition of the property is not related to and does not affect directly or not the Secretary’s interests or the interests of any “determined person” pursuant to the CSE Law.
