Orphanides undertakes activities of Mebius Trading
24/1/2008 12:54
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, the Board of Directors of Orphanides Public Company Limited announces that:
Within the framework of its strategic plan, the Company signed an agreement on January 15, 2008 for the acquisition of the activities and assets of Mebius Trading Ltd, which runs a super market in Ayios Dometios, Nicosia.
The Company also signed a long term lease agreement of the buildings that host the supermarket, which belong to Mihalco Trading Ltd.
The main term of the lease agreement is its duration, which is of 15 years starting from January 27, 2008 and expiring on March 31, 2008. It reserves the right to renew it for 15 years more.
The business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of its strategic plan for the opening of smaller super markets.
2. Increase in the Group’s turnover.
3. Increase in the Group’s purchasing power.
4. Increase in the Group’s profitability.
Within the framework of its strategic plan, the Company signed an agreement on January 15, 2008 for the acquisition of the activities and assets of Mebius Trading Ltd, which runs a super market in Ayios Dometios, Nicosia.
The Company also signed a long term lease agreement of the buildings that host the supermarket, which belong to Mihalco Trading Ltd.
The main term of the lease agreement is its duration, which is of 15 years starting from January 27, 2008 and expiring on March 31, 2008. It reserves the right to renew it for 15 years more.
The business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of its strategic plan for the opening of smaller super markets.
2. Increase in the Group’s turnover.
3. Increase in the Group’s purchasing power.
4. Increase in the Group’s profitability.
