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E & G Electricplus Ltd becomes the owner of Novario

15/03/2019 11:36

Ermes Department Stores Plc announced that its subsidiary IDEEA Distribution of Appliances Ltd has sold its shares, amounting to 50% + 1 of the share capital, held in Novario Holding Ltd, to E & G Electricplus Ltd, which becomes the owner of the whole share capital of Novario.

Within the framework of this transaction, the following were agreed:

• The obligation of Cyprus Trading Corporation Plc under the bank guarantee to Hellenic Bank for liabilities of Novario Holding Ltd up to the amount of € 3,050,000 plus interest has been canceled.

• A repayment schedule for the amount of € 1,200,000 due by Novario to IDEEA was agreed. Part of this, amounting to € 380,408, has already been repaid. The amount owed was reduced to € 819,592.

• With the transfer of the shares to the Buyer, the Buyer paid the purchase price of the shares to the seller, amounting to € 700,000.

From the sale of these shares, IDEEA has generated a profit of € 549,000.

Since 2016, Novario Holding Ltd has been trading under the names of SCANDIA and MEGAELECTRIC, in the field of retail trade in electrical and electronic devices, personal care and other household and entertainment products.

The transaction was made on a purely commercial basis, as part of the strategy of the CTC Group to dispose of mature businesses, and the Ermes Group to focus on fashion, F & B and DIY.

The transaction is not related or affects the interest of the Secretary of the issuer or affiliate.