Gerik bid for Pharmakas succeeds

A. Panayides Contracting Public Ltd. (APC) announced that the Public Offer of Gerik Investments Limited seeking to acquire Pharmakas Quarries Ltd dated February 24, 2005, has ended successfully. Gerik announced that upon expiry of the bid offer on April 15, 2005 the shares that have been acquired exceed 90%. A. Panayides Contracting Public Limited holds 50% of the share capital of Gerik Investments Limited. The Company will issue a new announcement on the results of the Public Offer within the next few days.