Orphanides: Agreement for lease of building for opening of a super market
16/11/2007 9:30
Within the framework of the Company’s strategic plan and in order to fully inform the shareholders and the investing public in general, the Company announces that it has reached an agreement on November 7, 2007 for the lease of a building at 91, March 25th, Palaiometoho, Nicosia to open a super market in order to strengthen the Company’s activities in the region.
The lease will be of 15 year starting from January 1, 2008 to December 31, 2022 with the right to renew it for 15 years more. The Company will also have the right to purchase the building. This right will be exercisable – if deemed necessary – in one of the following dates: December 31, 2010 or December 31, 2011 or December 31, 2012.
With the signing of the agreement, Orphanides Public Company Limited will expand its activities to Palaiometoho – Kokkinotrimithia area. The Group will strengthen its presence in Nicosia district in order to:
1. Enforce its strategic plan, which provides for the opening of smaller super markets.
2. Increase its turnover.
3. Increase its profitability.
The lease will be of 15 year starting from January 1, 2008 to December 31, 2022 with the right to renew it for 15 years more. The Company will also have the right to purchase the building. This right will be exercisable – if deemed necessary – in one of the following dates: December 31, 2010 or December 31, 2011 or December 31, 2012.
With the signing of the agreement, Orphanides Public Company Limited will expand its activities to Palaiometoho – Kokkinotrimithia area. The Group will strengthen its presence in Nicosia district in order to:
1. Enforce its strategic plan, which provides for the opening of smaller super markets.
2. Increase its turnover.
3. Increase its profitability.
