Orphanides: Acquisition of Fthino Kalathi-Bosalica – Purchase of plot
20/4/2007 13:00
Within the framework of the three-year strategic plan, we wish to inform you that the Company signed an agreement on April 17, 2007 for the acquisition of the activities and assets of Fthino Kalathi Limited, which operates as a super market in Larnaca. The sale price has been set at £710,000 plus the value of the existing stocks at the date of delivery. The date of delivery has been set for May 1, 2007.
The Company also signed the following agreements:
a) Purchase of shares of Bosalica Limited, owner company of the plots that house Fthino Kalathi. Following the completion of the procedures, Bosalica Limited will be subsidiary of our Company. The amount that will be paid with the completion of the relevant procedures stands at £610,000.
b) Purchase of plot in Poubartes area, Ayios Nicolaos, Larnaca, which will serve the operation of the super market above. The acquisition price has been set at £130,000.
The main business reasons for the acquisition above are:
1. Expansion of the Group and enforcement of the strategic plan, which provides for 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.
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Ltd, headed by Executive Chairman, Christos Orphanides.
The Company also signed the following agreements:
a) Purchase of shares of Bosalica Limited, owner company of the plots that house Fthino Kalathi. Following the completion of the procedures, Bosalica Limited will be subsidiary of our Company. The amount that will be paid with the completion of the relevant procedures stands at £610,000.
b) Purchase of plot in Poubartes area, Ayios Nicolaos, Larnaca, which will serve the operation of the super market above. The acquisition price has been set at £130,000.
The main business reasons for the acquisition above are:
1. Expansion of the Group and enforcement of the strategic plan, which provides for 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.
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Ltd, headed by Executive Chairman, Christos Orphanides.
