SFS Group Public Company Limited, pursuant to the law and in order to fully inform the shareholders and the investing public in general, announces that private companies CONMER LIMITED, DRUMDONNA CONSULTANTS LIMITED and VASTUAT LIMITED, belonging to SFS Group and are actively involved in the sale and purchase of land, have agreed to sell a number of plots to the subsidiary of SFS, CSE-listed company TRiaina Investments Public Company Limited. The sale was at arm’s length and within the framework of the reorganization of the investment portfolio of Triaina.
The agreed sale prices are based on assessment reports on the market value of the properties by independent valuators as at 31.12.2011. Specifically, the following have been agreed for each one of the companies:
A. CONMER LIMITED
Conmer Limited agreed to sell three plots of land of 20,282 sq. meters against €1,800,000. The price will be paid as follows: advance payment of €1,350,000 and the remaining sum by June 30, 2016 with the transfer of properties.
B. DRUMDONNA CONSULTANTS LIMITED
Drumdonna Consultants Limited agreed to sell its stake 6499/10368 plot of land of 561,878 sq. meters against €2,465,000. The price will be paid as follows: advance payment of €1,000,000 and the remaining sum by June 30, 2016 with the transfer of properties.
C. VASTUAT LIMITED
Vastuat Limited agreed to sell 12 plots of land of 290,2185 sq. meters against the sum of €3,645,000. The price will be paid as follows: advance payment of €1,360,000 and the remaining sum by June 30, 2016 with the transfer of properties.
Based on the above, the total price for the purchase of the properties from al three companies stands at €7,910,000, the total advance payments at €3,710,000 and the remaining sums at €4,200,000. These properties are burdened by mortgages to the benefit of others totaling €4.200.000 and should be transferred free from any encumbrances. For this purpose, it has been given time for the elimination and / or payment of charges, and SFS will be responsible for their payment and / or elimination, which should take place by June 30, 2016. Since SFS pays and / or eliminates the mortgages, the vendor companies will be require to transfer the properties as soon as possible, and if this occurs, the other amounts due (plus the advance payment) will become payable by the vendor companies against the Company. In this way, it is ensured that these transactions are at arm's length.
There will be no goodwill, profit or loss for SFS from the aforementioned transactions and the prospects or results will not be affected. Besides being the Chairman of the Board of Directors of Triaina, he is the Group Finance Director of SFS and Member of the Board of Directors of SFS and member of the Board of Directors of Triaina, the above transactions are not related to or affect any particular interests of specified persons, pursuant to article 137(3) of the CSE Laws
The agreed sale prices are based on assessment reports on the market value of the properties by independent valuators as at 31.12.2011. Specifically, the following have been agreed for each one of the companies:
A. CONMER LIMITED
Conmer Limited agreed to sell three plots of land of 20,282 sq. meters against €1,800,000. The price will be paid as follows: advance payment of €1,350,000 and the remaining sum by June 30, 2016 with the transfer of properties.
B. DRUMDONNA CONSULTANTS LIMITED
Drumdonna Consultants Limited agreed to sell its stake 6499/10368 plot of land of 561,878 sq. meters against €2,465,000. The price will be paid as follows: advance payment of €1,000,000 and the remaining sum by June 30, 2016 with the transfer of properties.
C. VASTUAT LIMITED
Vastuat Limited agreed to sell 12 plots of land of 290,2185 sq. meters against the sum of €3,645,000. The price will be paid as follows: advance payment of €1,360,000 and the remaining sum by June 30, 2016 with the transfer of properties.
Based on the above, the total price for the purchase of the properties from al three companies stands at €7,910,000, the total advance payments at €3,710,000 and the remaining sums at €4,200,000. These properties are burdened by mortgages to the benefit of others totaling €4.200.000 and should be transferred free from any encumbrances. For this purpose, it has been given time for the elimination and / or payment of charges, and SFS will be responsible for their payment and / or elimination, which should take place by June 30, 2016. Since SFS pays and / or eliminates the mortgages, the vendor companies will be require to transfer the properties as soon as possible, and if this occurs, the other amounts due (plus the advance payment) will become payable by the vendor companies against the Company. In this way, it is ensured that these transactions are at arm's length.
There will be no goodwill, profit or loss for SFS from the aforementioned transactions and the prospects or results will not be affected. Besides being the Chairman of the Board of Directors of Triaina, he is the Group Finance Director of SFS and Member of the Board of Directors of SFS and member of the Board of Directors of Triaina, the above transactions are not related to or affect any particular interests of specified persons, pursuant to article 137(3) of the CSE Laws
Tuesday, 8 May, 2012 - 09:24