Telia: Granting of new license for the establishment of a tuna fish farm in Vasiliko – Establishment of subsidiary
30/5/2006 9:52
Further to our announcement dated September 12, 2005 and in order to fully inform the investing public, the Board of Directors would like to inform you on the latest developments with regard to the granting of a license for the establishment and operation of a tuna fish farm in the sea area of Vasiliko for the breeding/fattening of tuna.
Following the signing of a contract between our Company and the Department of Fisheries and Marine Research of the Ministry of Agriculture, Natural Resources and Environment, our Company has secured the necessary licenses/approvals and agreements with the strategic partners for the establishment and operation of the new unit.
Our Company also proceeded to the establishment of a 100% subsidiary company, Telia (Tuna) Ltd, which will undertake the activity above. This company was established on January 16, 2006 and its share capital stands at £10,000 (€17,450) divided into shares of £1.00.
On May 25, 2006 and following the completion of the procedures for the issue of license, the Department of Fisheries and Marine Research of the Ministry of Agriculture, Natural Resources and Environment issued a license to Telia (Tuna) Ltd for the operation of a fishery for the breeding/fattening of red tuna. The license is for a maximum production of 1,000 tons of tunas and is effective for the period of 10 years. Telia (Tuna) Ltd submitted to the Department the sum of £260,000 (€453,700) as a lump sum duty for the allocation of a license.
At the current stage, the sea installation and the procedures for the fishing and transfer of live fish are in progress.
Following the signing of a contract between our Company and the Department of Fisheries and Marine Research of the Ministry of Agriculture, Natural Resources and Environment, our Company has secured the necessary licenses/approvals and agreements with the strategic partners for the establishment and operation of the new unit.
Our Company also proceeded to the establishment of a 100% subsidiary company, Telia (Tuna) Ltd, which will undertake the activity above. This company was established on January 16, 2006 and its share capital stands at £10,000 (€17,450) divided into shares of £1.00.
On May 25, 2006 and following the completion of the procedures for the issue of license, the Department of Fisheries and Marine Research of the Ministry of Agriculture, Natural Resources and Environment issued a license to Telia (Tuna) Ltd for the operation of a fishery for the breeding/fattening of red tuna. The license is for a maximum production of 1,000 tons of tunas and is effective for the period of 10 years. Telia (Tuna) Ltd submitted to the Department the sum of £260,000 (€453,700) as a lump sum duty for the allocation of a license.
At the current stage, the sea installation and the procedures for the fishing and transfer of live fish are in progress.
