CTC sells 50% of its stake in Olympos Inv. to N.K Shacolas
8/6/2007 10:20
It is announced that the Board of Directors of Cyprus Trading Corporation Public Ltd decided that the Company sells cash to N.K Shacolas (Holdings) Ltd its stake of 50% in associated company Olympos Investments Ltd at the current value of the Company’s assets that stands at £25.2 million, that is, CTC will receive the sum of £12.6 million. The decision has been approved unanimously by the Audit Committee.
Due to the fact that the deal is between associated companies, the Board of Directors has appointed an independent audit firm to evaluate and confirm that the price is fair and reasonable.
Due to the fact that the deal is between associated companies, the Board of Directors has appointed an independent audit firm to evaluate and confirm that the price is fair and reasonable.
