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Institutional investor interested in TSH

02/04/2007 13:02
According to an announcement released by Tsokkos on Monday, “the Board of Directors would like to inform the investing public that an institutional investor has expressed an interest to examine the possibility of submitting a Public Offer for the acquisition of the Company’s share capital. The Board of Directors stresses that it is not aware of any details with regard to the intentions of the institutional investor. It is noted that the expression of interest does not necessarily mean that the investor will submit a Public Offer to the Company”.

After the announcement release, the Company is recording significant gains in the CSE. At 12.25 pm, TSH was trading at €0.45 and at +18,4%, absorbing 14.2% of the trading volume, which stands at €5.5 million.

Speaking to StockWatch, TSH Finance Director, Socratis Socratous said that an institutional investor has indeed expressed a serious interest in the Company but avoided naming the investor. “In the past few days, an institutional investor expressed an interest in the Company and the Company decided to inform the investing public today. We are not in negotiations at the current stage. We will see in the next few days if this interests ends up with a Public Offer”, he stressed.

Tsokkos Hotels was established in 1981 by Mr. Andreas Tsokkos, who was actively involved in the land development sector since 1979. The Group is actively involved in the hotel and tourism sector, especially in the ownership and management of hotel units and organized flats in the area of free Ammochostos and Paphos.

The Group has become a land development organization. It started with the construction and sale of housing – tourist flats and continued with the construction and lease of hotel units. The hotel manages more than 25 hotel units and organized flats, most of which belong either to the Company itself or its subsidiaries and associated companies.

Its capitalization stands at €113 million and its major shareholder (66.2%) is its Chairman, Andreas Tsokkos.