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DEM sells 5.5% of Option

25/09/2009 09:03
Demetra Investments announcement on Friday the signing of an agreement for the sale of 2.6 million shares held in Option Cassoulides against €550 thousand.

The buyer is Ricoh Holdings Ltd, which belongs to Katerina Papamichalaki.

The agreement was signed yesterday and the sum of €400 thousand will be paid to DEM five days after its signing, while the sum of €150 thousand until February 28, 2010, which will bear an interest equal to 6% (per annum) until the payment date.

A year ago, Demetra held 10% of Options and reduced it gradually to 5%. After the signing of the agreement yesterday, it holds no OPT share at the current stage. In 2008, Options suffered losses of €4.3 million against profits of €1.4 million in 2007, while in the first six months of 2009, the Company accumulated losses of €103.6 thousand.

In his statements to StockWatch, Demetra General Manager, Nicos Michaelas said that in the past 4-5 years after the approval for expansion of activities the Company focused on the drop of investments in shares, which was largely achieved in 2007, after the sale of 70 million shares. “At the current stage, we focus on investment property and rents but mostly in the sector of energy, natural gas and renewable sources of energy”, he stressed.

According to Mr. Michaelas, Demetra holds almost 10% of the share capital of Logicom, almost 10% of Sharelink, 10% of Pepsi and 5.6-6% of Tsokkos. It has also a small stake in the three biggest Cypriot banks.