12/10/2015 11:21
KEO announced the completion of the sale of 930 thousand shares of Vasiliko Cement Works to the Holy Archbishopric.
The Archbishopric is a shareholder of KEO with a stake of more than 10%.
According to the announcement, the business reason for the sale was the liquidation of available for sale investments to improve the liquidity of the company.
The total consideration of the transaction which has been determined on a commercial basis in accordance with the current market values, amounted to € 1,1 mn and has been paid entirely in cash.
That transaction resulted in a profit on disposal of available for sale investments amounting to € 224,9 thousand. At the same time it resulted in a transfer of € 475,8 thousand from the revaluation of available for sale investments reserve to retained earnings.
As emphasized, the company does not anticipate a significant change in its future prospects and future financial results as a result of this transaction.
In 2014 KEO recorded decreased losses o € 2,6 mn versus losses of € 8,9 mn in 2013.
In the first half of 2015 losses attributable to shareholders amounted to € 403 thousand.
The Archbishopric is a shareholder of KEO with a stake of more than 10%.
According to the announcement, the business reason for the sale was the liquidation of available for sale investments to improve the liquidity of the company.
The total consideration of the transaction which has been determined on a commercial basis in accordance with the current market values, amounted to € 1,1 mn and has been paid entirely in cash.
That transaction resulted in a profit on disposal of available for sale investments amounting to € 224,9 thousand. At the same time it resulted in a transfer of € 475,8 thousand from the revaluation of available for sale investments reserve to retained earnings.
As emphasized, the company does not anticipate a significant change in its future prospects and future financial results as a result of this transaction.
In 2014 KEO recorded decreased losses o € 2,6 mn versus losses of € 8,9 mn in 2013.
In the first half of 2015 losses attributable to shareholders amounted to € 403 thousand.
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