Woolworth: Negotiations for sale of share capital of ITTL Trade will not be completed
1/9/2006 10:08
Negotiations for the sale of share capital of ITTL
With reference to our previous announcements dated 10/7/2006 and 26/5/2006 on the above issue, we wish to announce that the Board of Directors of Woolworth (Cyprus) Properties Public Ltd believes that it is to the Company’s benefit not to continue the negotiations with certain investment organization in relation to the sale of shares that the Company holds in ITTL Trade Tourist & Leisure Park Ltd, which is owner of Shacolas Emporium Park that will host “The Mall of Cyprus”, the Swedish chain store IKEA and other trading and cultural activities.
The Company is currently examining new proposals by other European investment companies and is in negotiations with an organization, owner of Malls in many countries, which is interested in acquiring either the entire share capital of ITTL or the majority stake. It has been ascertained that whilst the project enters the final stages and after the long-term agreements of use/lease of the buildings with significant multinational trading companies such as IKEA, Carrefour, Debenhams, Zara, Intersport, Starbacks, the value of the project is increasing. The Board of Directors is reviewing the latest developments carefully to take advantage of the interest that the companies have showed to the benefit of the shareholders.
The Company will release a new a announcement when necessary.
With reference to our previous announcements dated 10/7/2006 and 26/5/2006 on the above issue, we wish to announce that the Board of Directors of Woolworth (Cyprus) Properties Public Ltd believes that it is to the Company’s benefit not to continue the negotiations with certain investment organization in relation to the sale of shares that the Company holds in ITTL Trade Tourist & Leisure Park Ltd, which is owner of Shacolas Emporium Park that will host “The Mall of Cyprus”, the Swedish chain store IKEA and other trading and cultural activities.
The Company is currently examining new proposals by other European investment companies and is in negotiations with an organization, owner of Malls in many countries, which is interested in acquiring either the entire share capital of ITTL or the majority stake. It has been ascertained that whilst the project enters the final stages and after the long-term agreements of use/lease of the buildings with significant multinational trading companies such as IKEA, Carrefour, Debenhams, Zara, Intersport, Starbacks, the value of the project is increasing. The Board of Directors is reviewing the latest developments carefully to take advantage of the interest that the companies have showed to the benefit of the shareholders.
The Company will release a new a announcement when necessary.
