We wish to inform you that at the meeting held on November 17, 2010, the Board of Directors of Stario Portfolio Investments Public Company Ltd examined and approved the unaudited Interim Management Statement of the Company for the period from July 1, 2010 to November 17, 2010, pursuant to article 11 of the Transparency Requirements Law 2007.
Also, the Board of Directors approved the agreement for the sale of Cipriani Engomi restaurant (restaurant of subsidiary) as well as the transfer of the lease documents against €390,000. From the above transaction, the subsidiary suffered loss of €70,287, which will affect the financial statements of the subsidiary only. The exchange for the sale of the restaurant has been determined on the basis of the sum that has been spent for its construction. Also, we have proceeded with the preparation of an internal study. The transaction is at arm’s length. This agreement is in line with the Company’s future goals as well as the reorganization of its activities. Therefore, its prospects and targets in the near future will not be affected by the sale.
Also, the Board of Directors approved the agreement for the sale of Cipriani Engomi restaurant (restaurant of subsidiary) as well as the transfer of the lease documents against €390,000. From the above transaction, the subsidiary suffered loss of €70,287, which will affect the financial statements of the subsidiary only. The exchange for the sale of the restaurant has been determined on the basis of the sum that has been spent for its construction. Also, we have proceeded with the preparation of an internal study. The transaction is at arm’s length. This agreement is in line with the Company’s future goals as well as the reorganization of its activities. Therefore, its prospects and targets in the near future will not be affected by the sale.
Wednesday, 17 November, 2010 - 15:38