Orphanides: Sale of property of €7.1m from subsidiary to Ecunaland Properties
17/7/2012 16:32
Pursuant to the CSE and SEC Regulations and in order to fully inform the shareholders and the investing public in general, Orphanides Public Company Limited announces that:
Within the framework of the actions to restructure and reduce the Group’s borrowing, subsidiary Grangowood Trading Limited proceeded with the sale of a property in Limassol to Ecunaland Properties Limited of Bank of Cyprus Public Company Limited.
The sale price stands at €7,100,000. The Company reserves the right until 31/12/2013 to buy back either the shares of Ecunaland Properties Limited and/or the property at the same price plus the transfer expenses. Also, for the same period, it reserves the right of first refusal.
The sale price of the property has been determined on the basis of two independent valuations carried out by Markaris Chartered Surveyors and Roi Nicolaides & Partners (Property Valuators) on behalf of the buyer.
From the sale above, the Group is expected to suffer loss in its net worth of €372 thousand (Loss of €807 thousand to be presented in the profit and loss account minus surplus from revaluation of properties transferred via the reserves of €435 thousand). The loss emerges from the lower purchasing value of properties as a result of the ongoing financial crisis.
Within the framework of the actions to restructure and reduce the Group’s borrowing, subsidiary Grangowood Trading Limited proceeded with the sale of a property in Limassol to Ecunaland Properties Limited of Bank of Cyprus Public Company Limited.
The sale price stands at €7,100,000. The Company reserves the right until 31/12/2013 to buy back either the shares of Ecunaland Properties Limited and/or the property at the same price plus the transfer expenses. Also, for the same period, it reserves the right of first refusal.
The sale price of the property has been determined on the basis of two independent valuations carried out by Markaris Chartered Surveyors and Roi Nicolaides & Partners (Property Valuators) on behalf of the buyer.
From the sale above, the Group is expected to suffer loss in its net worth of €372 thousand (Loss of €807 thousand to be presented in the profit and loss account minus surplus from revaluation of properties transferred via the reserves of €435 thousand). The loss emerges from the lower purchasing value of properties as a result of the ongoing financial crisis.
