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Triaina: Reorganization of portfolio and agreements with private companies belonging to SFS

Triaina Investments Public Company Limited, pursuant to the law and in order to fully inform the shareholders and the investing public in general, announces that it has reached an agreement for the purchase of a number of plots with private companies CONMER LIMITED, DRUMDONNA CONSULTANTS LIMITED and VASTUAT LIMITED, belonging to SFS Group Public Company Limited and are actively involved in the sale and purchase of land. The sale was at arm’s length and within the framework of the reorganization of the investment portfolio of Triaina.

The agreed sale prices are based on assessment reports on the market value of the properties by independent valuators as at 31.12.2011. Specifically, the following have been agreed for each one of the companies:

A. CONMER LIMITED

Conmer Limited agreed to sell three plots of land of 20,282 sq. meters against €1,800,000. The price will be paid as follows: advance payment of €1,350,000 and the remaining sum by June 30, 2016 with the transfer of properties.

B. DRUMDONNA CONSULTANTS LIMITED

Drumdonna Consultants Limited agreed to sell its stake 6499/10368 plot of land of 561,878 sq. meters against €2,465,000. The price will be paid as follows: advance payment of €1,000,000 and the remaining sum by June 30, 2016 with the transfer of properties.

C. VASTUAT LIMITED

Vastuat Limited agreed to sell 12 plots of land of 290,2185 sq. meters against the sum of €3,645,000. The price will be paid as follows: advance payment of €1,360,000 and the remaining sum by June 30, 2016 with the transfer of properties.

Based on the above, the total price for the purchase of the properties from al three companies stands at €7,910,000, the total advance payments at €3,710,000 and the remaining sums at €4,200,000. These properties are burdened by mortgages to the benefit of others totaling €4.200.000 and should be transferred free from any encumbrances. For this purpose, it has been given time for the elimination and / or payment of charges, and SFS will be responsible for their payment and / or elimination, which should take place by June 30, 2016. Since SFS pays and / or eliminates the mortgages, the vendor companies will be require to transfer the properties as soon as possible, and if this occurs, the other amounts due (plus the advance payment) will become payable by the vendor companies against the Company. In this way, it is ensured that these transactions are at arm's length.

There will be no goodwill, profit or loss for SFS from the aforementioned transactions and the prospects or results will not be affected. Besides that a member of the Board of Directors of the Company is member of the Board of Directors of SFS and the Chairman of the Company is the Finance Director of SFS Group, the above transactions are not related to or affect any particular interests of specified
persons, pursuant to article 137(3) of the CSE Laws.

Tuesday, 8 May, 2012 - 08:40