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Demetra in energy sector

19/10/2009 09:54
Demetra announced on Monday the reaching of an agreement for its participation in Sheerwater Holding Limited.

Sheerwater Holding Ltd is a newly-established Cypriot company of limited liability, which will be actively involved – via subsidiaries – in the sector of export of liquid gas and import and distribution of fuel products to ships and big industries.

The share capital of Sheerwater Holding Limited stands at €10,004 divided into 4 A Class shares of €1 each and 10,000 B Class shares of €1 each.

The share capital of Sheerwater Holding Ltd is shared out as follows:

1. 35% of B Class shares and 25% of A Class shares to Demetra Investment Public Ltd.

2. 35% of B Class shares and 50% of A Class shares to Soboh Petroleum (Cyprus) Ltd, a company based in Cyprus. For many years now, it is actively involved in the trade of fuel products worldwide.

3. 30% of B Class shares and 25% of A Class shares to AS & GG Partners Ltd, a company based in Cyprus. Its shareholders are active in the sector of shipping and fuel products agency.

Sheerwater Holding Limited acquired – via its subsidiaries – two self-owned ships, one for the transfer of LPG liquid gas (of 1,800 tons) and one for the transfer of liquid fuel (of 3,200 tons).

Approval of CGC and BoD

Demetra also announced today that it examined and approved the revised Corporate Governance Manual in view of the new Code issued by the Cyprus Stock Exchange.

Finally, the Board of Directors appointed Mr. Lefteris Christoforou as Higher Independent Board member.