You are here

USB gets in FRH

06/07/2011 14:42
USB Bank acquired 27,060,000 shares of Renos Hadjiioannou Farm, which is more than 9% of the shares, an announcement revealed today.

FRH welcomes USB Bank Plc and its owners.

It hopes that under the current difficult conditions, the presence of the Bank in its share capital will help the Company and will encourage other investors.

The book value of the share is 4.5 cents per share pursuant to the audited balance sheets as at 31/12/2010 and the Company hopes that with the assistance of the new major shareholders, things will be better for all shareholders.

The Board of Directors will meet next week to examine the new data.

In 2010, FRH reduced its profits to €14.3 thousand against profits of €1.1 million in 2009.

The results for the first half of 2011 will be significantly lower than those of the corresponding period of 2010 and will show loss. This is mostly attributable to the increased finance costs.