Demetra invests in Ermes, more to follow

Demetra Investments Pcl has acquired 1 mln shares of Ermes Department Stores Public Ltd from the Company at 35 cent each. According to the Company, there has been significant interest from institutional investors regarding Ermes shares at a price exceeding 35 cent.

Ermes shares were offered to FWW shareholders in proportion to their shareholding in FWW at 24 cent each, as per the Public Offer by CTC Pcl in late 2006.

Ermes is currently in the final stages of the required procedures for listing its shares and share warrants on the Main Market of the CSE. To do so, the company needs to broaden its shareholder base to 25% from the previous 16% level.