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CLR acquires 100% of SKR Partners

The Board of Directors of CLR Financial Services Ltd, during the convention held on October 21, 2002, has decided to acquire 50.50% of the Company SKR Partners Ltd from Mr. Aristotelis Savvides, with whom the Company had reached a pre-agreement, increasing the rate of participation to Company’s share capital to 100%.

The particular acquisition will be realized partly with cash and partly with the transfer of titles of an other company. Specifically, CLR FINANCIAL SERVICES LTD will pay CYP 50,000 to Mr. Aristotelis Savvides and will transfer to him 64,102 shares of Libra Aviation Ltd.

The Company SKR PARTNERS LTD was formed on February 16, 2000 as limited liability company with shares. It mostly deals with the supply of advice over acquisitions and mergers. Due to the fall of the CSE, Company’s business was reduced in great extent, resulting to the end of its operation. Company’s financial reports for 2001 are attached.

Major shareholder of the company SKR PARTNERS LTD is Mr. Aristotelis Savvides. The Board of Directors of the Company consists of Mr. Lambros Panayiotides.

The Board of Directors of CLR FINANCIAL SERVICES LTD decided to proceed with the particular acquisition for reasons of future developments in similar sectors.

This acquisition is not expected to affect profits prospects of CLR FINANCIAL SERVICES LTD in the near future. No capital gains result from this acquisition.
Tuesday, 22 October, 2002 - 09:57