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CLR to acquire Parma FS

CLR Financial Services Ltd announced that it has signed an agreement with Parma Financial Services Ltd. by which Parma will issue and offer to CLR 20% of its share capital against the sum of CYP 635.000.

Parma Financial Services Ltd. is a financial services company and is in the process of acquiring the whole of the share capital of Parma Brokerage Ltd., a member of the CSE. The company is staffed with experienced personnel and has developed high technology for share transactions which gives it advantages in that sector.

The acquisition is a strategic move both for CLR Financial Services and Parma Financial Services, with the prospect of synergies being developed. Parma will benefit from the cooperation and utilisation of the infrastructure of a large organisation and CLR will benefit from access to the client list of Parma, enabling it to offer its financial products and services as well as mutual funds.

In the event where the CSE does not grant approval for acquisition of 100% of the share capital of Parma Brokerage Ltd., the agreement could be cancelled.
Monday, 21 May, 2001 - 11:10