Aqua Sol decided to acquire Nike Hotels against £17m

Τhe Board of Directors of AQUA SOL HOTELS PUBLIC COMPANY LTD announces that during an Extraordinary Meeting which took place on 21/12/2006 in Larnaca because of the fact that the Board should have to examine the following issue and after taking into consideration the available financial and other information and it was persuaded that it is for the benefit of the Company, decided to acquire the 100% of the shares in the share capital of Nike Hotels Limited which is owner of the tourist village Callisto in Ayia Napa for the amount of CYP17.000.000. Based on rent agreement, the tourist village Callisto is managed by the Company and it is one of its most profitable units. The Company has the right of materialization of the agreement by 31/12/2009. Nike Hotels Limited is wholly owned by the managing director of the Company Mr Yiannis Panayis who was not participating in the meeting due to his direct interest in the transaction.

The Board authorised the director of the company Mr. Demetris Marinou to sign the agreement and any documents relating to the transaction.