Aqua Sol sells 100% of Tourex
5/5/2003 9:59
The Board of Directors of Aqua Sol Hotels Ltd announces the sale of 100% of the share capital of Tourex Α.Ε.Τ.Ξ.Ε.
Tourex Α.Ε.Τ.Ξ.Ε is the owner of the Blue Horizon Palm Beach & Bungalows hotel at the Ialisos beach in Rhodes.
Tourex Α.Ε.Τ.Ξ.Ε is also shareholder of Elounda Marmin S.A and Island Tourist Investments S.A, owners of Elounda Aqua Sol Resort and Sun Palace Hotel. The shares of the two companies and the two hotels will remain in Aqua Sol group. The shares have been transferred to other subsidiary.
The value of the sale totals EUR 615,730. Tourex is also burdened with bank loans of 10,000,000 and other net liabilities of EUR 334,270, taken over by the purchasers. As a result, the total value amounts to EUR 10,950,000.
The profit resulting from the aforementioned deal totals EUR 570,000 or CYP 330,000.
The Company has proceeded to this sale due to the unsatisfactory performance of returns, taking into account the prevailing difficult situation, as well as the fact that there will be no recovery in the German market, which is the main source of the hotel.
Tourex Α.Ε.Τ.Ξ.Ε is the owner of the Blue Horizon Palm Beach & Bungalows hotel at the Ialisos beach in Rhodes.
Tourex Α.Ε.Τ.Ξ.Ε is also shareholder of Elounda Marmin S.A and Island Tourist Investments S.A, owners of Elounda Aqua Sol Resort and Sun Palace Hotel. The shares of the two companies and the two hotels will remain in Aqua Sol group. The shares have been transferred to other subsidiary.
The value of the sale totals EUR 615,730. Tourex is also burdened with bank loans of 10,000,000 and other net liabilities of EUR 334,270, taken over by the purchasers. As a result, the total value amounts to EUR 10,950,000.
The profit resulting from the aforementioned deal totals EUR 570,000 or CYP 330,000.
The Company has proceeded to this sale due to the unsatisfactory performance of returns, taking into account the prevailing difficult situation, as well as the fact that there will be no recovery in the German market, which is the main source of the hotel.
