Orphanides: Transfer of shares of Elias Houry from subsidiary to BOCY against €5.4m
4/7/2012 11:58
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 its actions for the restructuring and reduction of the Group’s loan, the subsidiary Promptland Properties Limited proceeded with the transfer of the shares held in Elias Houry Estates Limited (owner company of property in Limassol) to Bank of Cyprus Public Company Limited.
The sale price stands at €5,400,000. Promptland Properties Limited reserves the right – for the first 6 months – to buyback either the shares of Elias Houry Estates Limited and/or the property held at the same price plus the transfer expenses. Also, for the next 6 months, if a third party expresses an interest for acquisition, it reserves the right of first refusal.
The product of sale will be used for the reduction of the Group’s borrowing.
Within the framework of its actions for the restructuring and reduction of the Group’s loan, the subsidiary Promptland Properties Limited proceeded with the transfer of the shares held in Elias Houry Estates Limited (owner company of property in Limassol) to Bank of Cyprus Public Company Limited.
The sale price stands at €5,400,000. Promptland Properties Limited reserves the right – for the first 6 months – to buyback either the shares of Elias Houry Estates Limited and/or the property held at the same price plus the transfer expenses. Also, for the next 6 months, if a third party expresses an interest for acquisition, it reserves the right of first refusal.
The product of sale will be used for the reduction of the Group’s borrowing.
