CHR suspended after takeover succeeds

The CSE Council ordered the suspension in trading of the titles of Chris Cash & Carry Ltd. (CHR) after Guedo Holdings Limited announcesd that the Public Offer Document submitted for the acquisition of the compay was successul.

The public tender document expired on 29 July, and according to the company, the total percentage of shares acquired is 95.86% and the Public Offer is regarded as successful.

Guedo is 50.1% owned by Carrefour Marrinopoulos and 49.9% by Andreas Andreou the majority owner of CHR. The bid was at 32 cent per share in cash.

Following the completion of above process and because Guedo Holdings Ltd possesses the 95,86% of the share capital of Chris Cash and Carry Public, it was decided to request its delistment from the CSE.

The Board of Directors of Chris Cash & Carry decided the cancellation of the General Manager position of the company together with the dismissal of the current general manager and the payment of CYP40.000 as compensation.