CAIR, PAL & SUP remain in Special Category

The CSE announced that the titles of Cyprus Airways Pcl (CAIR), Palinex Pcl (PAL) and Suphire Pcl (SUP) will remain in its Special Category due to their financial instability and failure to conform with the minimum requirements of the Exchange.

In the case of CAIR, the reason for continuation of trade in the Special Category refers to concerns regarding the company’s financial stability and situation and doubts on whether or not the company can continue to operate, as stated in the Auditors Report for 2005, which was released last week.

In the case of Palinex, the reason for stay in Special Category is because of the inability of the company to submit its preliminary results for the first half ending June 30, 2006.

PAL, which was shifted to the Special Category on May 11, 2006 also does not meet the CSE’s minimum market capitalization criteria and for failure to send its Audited accounts and the Annual Return for 2005.

The CSE also announced that the titles of Suphire will remain in its Special Category due to the delay in the publication of the preliminary accounts ending June 30, 2006 and also because the Auditors stated in their 2005 audit report that the company is operating as a going concern.