17/01/2012 10:04
Subsidiary of A. Panayides Contracting, Pharmakas Quarries, has signed an agreement with Unicars to participate in MAN.
According to the announcement, the Agreement provides that Unicars will acquire 50% of MAN with a share capital increase.
The Company’s capital (held 100% by PHA) currently stands at €513,000 and is composed of 300,000 shares against €1.71 each.
Based on the Agreement, 300,000 more shares of €2.56 each will be issued. All new shares will be acquired by Unicars Ltd.
This creates premium of €0.85 per share.
Also, it has been agreed that Unicars will allocate a loan of €250,000 to MAN under the same terms as the loan that PHA allocated to MAN. Those loans are granted to boost the Company’s working capital.
“The signing of the agreement with Unicars creates good prospects of development for MAN in the Cypriot market. Specifically, Unicars has presence in all cities and this will contribute to both the sales and the after sales’ service. Also, customers will have better access to the repair and spare parts sale points”, it added.
Unicars is the exclusive representative of Volkswagen, Skoda, Audi, Seat and Volkswagen Commercial in Cyprus.
It is noted that the German Volkswagen in July 2011 acquired 56% of the share capital of the German MAN.
The agreement between PHA and Unicars is subject to the CPC approval.
In 2010, APC achieved profits of €2.3 million against profits of €1.6 million in 2009.
In the six months of 2011, its profits stood at €839.8 thousand.
According to the announcement, the Agreement provides that Unicars will acquire 50% of MAN with a share capital increase.
The Company’s capital (held 100% by PHA) currently stands at €513,000 and is composed of 300,000 shares against €1.71 each.
Based on the Agreement, 300,000 more shares of €2.56 each will be issued. All new shares will be acquired by Unicars Ltd.
This creates premium of €0.85 per share.
Also, it has been agreed that Unicars will allocate a loan of €250,000 to MAN under the same terms as the loan that PHA allocated to MAN. Those loans are granted to boost the Company’s working capital.
“The signing of the agreement with Unicars creates good prospects of development for MAN in the Cypriot market. Specifically, Unicars has presence in all cities and this will contribute to both the sales and the after sales’ service. Also, customers will have better access to the repair and spare parts sale points”, it added.
Unicars is the exclusive representative of Volkswagen, Skoda, Audi, Seat and Volkswagen Commercial in Cyprus.
It is noted that the German Volkswagen in July 2011 acquired 56% of the share capital of the German MAN.
The agreement between PHA and Unicars is subject to the CPC approval.
In 2010, APC achieved profits of €2.3 million against profits of €1.6 million in 2009.
In the six months of 2011, its profits stood at €839.8 thousand.
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