Phil Andreou buys So Easy Kiosks

The Board of Directors of Phil. Andreou Public Ltd decided to approve the acquisition of shares in the subsidiary So Easy Kiosks Ltd. PHIL will acquire 40.000 shares of nominal value of CYP 1,00 in the wholly owned subsidiary company So Easy Kiosks Ltd, which will arise from a new issue.

Although the purchase price will be settled in cash there will be no cash outflow as a corresponding amount is owed to Phil. Andreou Public Ltd.

The purchase price of the shares has been set at CYP 10,00 each. Following the issue, Phil. Andreou Public Ltd will own 50.000 shares in the subsidiary which will represent the 100% of the share capital of So Easy Kiosks Ltd.

Meanwhile, the Board also decided to appoint Marios Tornaritis, the financial manager and member of the Board of Directors, as General Manager of the parent company of the Group, Phil. Andreou Public Ltd, with immediate effect.