Sanyo Hellas buys Exelixis

Sanyo Hellas SA has become the latest Greek company to secure majority control of a Cypriot company, after Exelixis Investments (EXEL) announced that Sanyo has become its largest shareholder with a 70% stake.

Sanyo has paid the amount of CYP 2.6 mln to assume 70% control of the listed shares of Exelixis as well as the 100% of the B shares. It is not yet clear what part of the CYP 2.6 mln will remain in the company and what part will be taken by the previous owners in view of the lack of details in the announcement.

EXEL is one of the smallest companies trading on the CSE with a total of 23.31 mln listed shares of 4 cent each nominal value and a market capitalization of only CYP 320.000 based on its 1.4 cent per share valuation on the CSE.

According to its accounts, its book value was last 1.8 cent per share.