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CLP acquires 19.9% of the Unigrowth for CYP1,05 mil.

CLR Financial Services Ltd. announced that on the 31 May 2001 it has reached an agreement with the major shareholders of Unigrowth Financial Services Ltd. by which it acquired 5.250.000 shares of the company which make up 19,90% of its issued capital against the sum of CYP 1.050.000. Together with shares already held, the total participation of CLR Financial Services Ltd. in Unigrowth will reach 23,7%.

Unigrowth is a public company which has applied for listing on the CSE and the examination of its prospectus is apparently at the final stages. Unigrowth, through its subsidiary S.B. Unigrowth Stockbrokers Ltd. is mainly a stockbroking company with an important share of the market. It also holds 19.9% of Unigrowth Investments Ltd. which is listed on the CSE. The company owns the buildings which house its offices in Themistocles Dervis Street in Nicosia and has long experience in financial services.

The agreement is in line with the expansion plans of the Board of CLR Financial Services in the stockbroking sector and financial services through cooperations and participations in notable companies. By the agreement it is expected that important synergies will be derived for both companies. Apart from the apparent strategic benefits, the Unigrowth group will have the opportunity to cooperate with a large financial services company and to acquire access to its technical knowledge and specialist experience. CLR will be given the opportunity to utilise a fast growing organisation to expand its network for promotion of its products and services and to increase its activities through the various cooperations which are anticipated to result.
Friday, 1 June, 2001 - 18:07