SFS sells stake in First Elements

SFS Group Public Company Ltd signed an agreement with Euroconsultants International SA based in the Grand Duchy of Luxembourg, for the disposal of 90% of the share capital of the subsidiary First Elements Ventures Ltd (FEV) against the sum of EUR 195,000.
The remaining 10% of FEV will be held by Messrs. Pantelis Demetriou and Panayiotis Pastos (5% each), both managerial staff of FEV.
FEV’s activities will focus on the provision of consultant services to the private and public sector, as well as the involvement in EU programs. The existing activities of FEV, including the financial services, will be undertaken by the inactive (so far) subsidiary of SFS, Idi Investments Ltd.
Euroconsultants International SA will proceed to all necessary actions in order to change the registered name of FEV from “First Elements Ventures Ltd” to “First Elements Euroconsultants Ltd” so that “First Elements Ventures Ltd” remains in the exclusive proprietorship of SFS and “Idi Investment Ltd” changes its name to “First Element Ventures Ltd”.
The sale is at arm’s length and will generate profits to SFS of CYP 44.000 in 2006. The change in the Group’s assets and capital structure is expected to be negligible.