23/07/2012 10:53
Orphanides sold two more properties to Cyprus Popular Bank against €4.25 million.
The Company announced that within the framework of the actions for the restructuring and reduction of the Group’s borrowing, the subsidiaries Stalico Investments Limited and Chris-Ell-Dim-El Limited proceeded with the sale of properties to Joberco Limited and Steparco Limited of Cyprus Popular Bank Public Co Ltd.
The Company has already sold plots of €12 million to Bank of Cyprus.
Stalico Investments Limited sold a property held in Nicosia to Joberco Limited. The sale price stands at €2,790,000. Chris-Ell-Dim-El Limited sold a property in Larnaca against Steparco Limited. Its sale price stands at €1,460,000.
Each company reserves the right to buy back either the shares of each buyer and/or the properties at the same price as the sale price plus the transfer expenses for 2 years. Also, for the same period they have the right of first refusal.
The sale price of properties has been set on the basis of 2 independent valuations made on behalf of the buyers by C. Zakheos Property Valuations Ltd and Kikis Athinodorou & Associates Ltd (property valuators).
From the above sale, the Group is expected to suffer loss in its net worth of €2.6 million (Loss presented in the profit and loss account of €2.7 million plus surplus from revaluation of properties transferred via the reserves of €0.1 million).
The loss emerges from the drop in the purchasing power of properties as a result of the ongoing financial crisis.
The Company announced that within the framework of the actions for the restructuring and reduction of the Group’s borrowing, the subsidiaries Stalico Investments Limited and Chris-Ell-Dim-El Limited proceeded with the sale of properties to Joberco Limited and Steparco Limited of Cyprus Popular Bank Public Co Ltd.
The Company has already sold plots of €12 million to Bank of Cyprus.
Stalico Investments Limited sold a property held in Nicosia to Joberco Limited. The sale price stands at €2,790,000. Chris-Ell-Dim-El Limited sold a property in Larnaca against Steparco Limited. Its sale price stands at €1,460,000.
Each company reserves the right to buy back either the shares of each buyer and/or the properties at the same price as the sale price plus the transfer expenses for 2 years. Also, for the same period they have the right of first refusal.
The sale price of properties has been set on the basis of 2 independent valuations made on behalf of the buyers by C. Zakheos Property Valuations Ltd and Kikis Athinodorou & Associates Ltd (property valuators).
From the above sale, the Group is expected to suffer loss in its net worth of €2.6 million (Loss presented in the profit and loss account of €2.7 million plus surplus from revaluation of properties transferred via the reserves of €0.1 million).
The loss emerges from the drop in the purchasing power of properties as a result of the ongoing financial crisis.
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