Telia acquires 50% of Poseidon S.A
10/12/2002 10:06
During the convention held on December 9, 2002 at 12.00 am, the Board of Directors of Telia Aqua Marine Limited (Company), based on Regulation 81 (1), Appendix F, Part I, Paragraph 3 of the About Securities of the CSE Law and Regulations, has decided the following:
1. Acquisition agreement of Poseidon S.A stake
According to the agreement dated November 22, 2002, set under approval by Company’s Board of Directors, the Company has decided to acquire 50% of the share capital of the Greek company “Poseidon S.A”, which deals with the breeding and production of fish and their sale to Greece and abroad. The other 50% of the share capital belongs to the company Kimargo Fishfarming Ltd.
The acquisition price of the stake to the associate company reached CYP 130,000 cash. The goodwill resulting amounted to CYP 90,446, to be written off over the period of 10 years. The ratio of the net book value of the assets acquired amounts to CYP 39,554.
Based on the acquisition agreement, Mr. Stephanos Papastephanou is appointed as the new Manager of Poseidon S.A.
The Board of Directors of the Company believes that the acquisition agreement will boost Group’s profits in the future.
The consolidated financial results of the associate company are attached.
1. Acquisition agreement of Poseidon S.A stake
According to the agreement dated November 22, 2002, set under approval by Company’s Board of Directors, the Company has decided to acquire 50% of the share capital of the Greek company “Poseidon S.A”, which deals with the breeding and production of fish and their sale to Greece and abroad. The other 50% of the share capital belongs to the company Kimargo Fishfarming Ltd.
The acquisition price of the stake to the associate company reached CYP 130,000 cash. The goodwill resulting amounted to CYP 90,446, to be written off over the period of 10 years. The ratio of the net book value of the assets acquired amounts to CYP 39,554.
Based on the acquisition agreement, Mr. Stephanos Papastephanou is appointed as the new Manager of Poseidon S.A.
The Board of Directors of the Company believes that the acquisition agreement will boost Group’s profits in the future.
The consolidated financial results of the associate company are attached.
