Orphanides: Acquisition of super market under construction in Dali
6/3/2007 9:53
Within the framework of the three-year strategic plan, we wish to inform you that on March 3, 2007 the Company signed an agreement with Costas Petrou Construction & Development Limited from Nicosia for the acquisition of a super market, which is under construction in Dali. The acquisition price has been set at £950,000 plus VAT.
According to the agreement, Costas Petrou Construction & Development Limited will deliver the building by 30/10/2007.
The business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of the strategic plan via 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.
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Limited, headed by its Executive Chairman, Christos Orphanides.
According to the agreement, Costas Petrou Construction & Development Limited will deliver the building by 30/10/2007.
The business reasons for the acquisition are the following:
1. Expansion of the Group and enforcement of the strategic plan via 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.
The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Limited, headed by its Executive Chairman, Christos Orphanides.
