Further to our announcement dated February 28, 2003 with regard to the aforementioned issue, we wish to inform you that our wholly subsidiary CLR Stockbrokers Limited (CLR) has signed an agreement with Severis & Athienitis Securities Limited (SAS), which is wholly subsidiary of Severis & Athienitis Financial Services Limited for cooperation in the financial sector.
The agreement provides that SAS’s stockbrokers and associated network will proceed to transactions via CLR. If and when the application submitted by CLR to the SEC for a KEPEY license for its wholly subsidiary CLR Securities and Financial Services Limited is approved, then SAS’s stockbrokers and associates network will proceed to transactions via the Company, provided that the SEC approves SAS’s stockbrokers and associates.
With this agreement, CLR Group is expected to increase further its share of market turnover and strengthen its leading position in the financial sector of Cyprus. Due to the fact that CLR has the necessary infrastructure to serve SAS’s stockbrokers, associates and customers, this cooperation is not expected to burden the finances of CLR Group.
The agreement has been approved by the Boards of Directors of CLR Financial Services Limited and CLR Stockbrokers Limited.
The agreement provides that SAS’s stockbrokers and associated network will proceed to transactions via CLR. If and when the application submitted by CLR to the SEC for a KEPEY license for its wholly subsidiary CLR Securities and Financial Services Limited is approved, then SAS’s stockbrokers and associates network will proceed to transactions via the Company, provided that the SEC approves SAS’s stockbrokers and associates.
With this agreement, CLR Group is expected to increase further its share of market turnover and strengthen its leading position in the financial sector of Cyprus. Due to the fact that CLR has the necessary infrastructure to serve SAS’s stockbrokers, associates and customers, this cooperation is not expected to burden the finances of CLR Group.
The agreement has been approved by the Boards of Directors of CLR Financial Services Limited and CLR Stockbrokers Limited.
Tuesday, 8 April, 2003 - 10:15