Aristo-Elma Agreements
Aristo Developers Ltd. and the Elma Group announced that they have agreed the following:
1. Elma Group will sell to Aristo Developers Ltd. 50% of the share capital of G.A. Gavrielides Ltd. as well as 411.111 shares of Venus Rock Estates Ltd. As G.A. Gavrielides Ltd. owns 52% of Venus Rock Estates Ltd., by the purchase Aristo Developers Ltd. will acquire a total of 74% of the share capital of Venus Rock Estates Ltd.
2. In exchange for the above, Aristo Developers will issue in favour of the Elma Group, upon such endorsement by the EGM, 18.650.000 shares of Aristo Developers Ltd. In addition, it will transfer to Elma Group 4.168.977 shares of Aristo Investments Ltd. By these transfers, Elma Group will hold around 18% of the share capital of Aristo Investments Ltd. and 15.2% of the share capital of Aristo Developers Ltd.
The agreement is subject to endorsement by the Boards of both companies.
1. Elma Group will sell to Aristo Developers Ltd. 50% of the share capital of G.A. Gavrielides Ltd. as well as 411.111 shares of Venus Rock Estates Ltd. As G.A. Gavrielides Ltd. owns 52% of Venus Rock Estates Ltd., by the purchase Aristo Developers Ltd. will acquire a total of 74% of the share capital of Venus Rock Estates Ltd.
2. In exchange for the above, Aristo Developers will issue in favour of the Elma Group, upon such endorsement by the EGM, 18.650.000 shares of Aristo Developers Ltd. In addition, it will transfer to Elma Group 4.168.977 shares of Aristo Investments Ltd. By these transfers, Elma Group will hold around 18% of the share capital of Aristo Investments Ltd. and 15.2% of the share capital of Aristo Developers Ltd.
The agreement is subject to endorsement by the Boards of both companies.
