Louis sells 64.28% of the Nicosia Hilton

Louis Group Pcl (LUI) announced that it has agreed to sell a 57% stake or 1.709.889 shares in the Cyprus Tourism Development Co. Ltd. (CTDC), the owner of the Nicosia Hilton to the Investment Bank of Greece, a member of the Marfin Popular Bank Group at the price of CYP 30 mln (EUR 51.9 mln) or CYP 17.61 (EUR 30.47) per share in cash.

Louis Pcl will maintain a 20% stake in the CTDC and will be represented at Board level. The LUI Group will also sell 7.3% of the capital of CTDC or 218.798 shares to Clin Company Ltd.

Marfin Popular Bank Public Co Ltd, announced that its subsidiary Investment Bank of Greece, completed an important investment banking deal with Louis Plc and Clin Company LTD regarding the sale of the 64,28% of the share capital of The Cyprus Tourism Development Public Company Ltd, owner of the prestigious Hilton Cyprus hotel in Nicosia.

The agreement provides that the final buyers will be companies among the Marfin Popular Bank Group or the main shareholders, and is subject to due diligence satisfactory to the buyers as well as the approvals of the applicable supervisory authorities.  The Louis Group will keep 20% of the company since both sides consider the agreement as a first step of cooperation in the region of Southeastern Mediterranean. 

LUI acquired 75.7% of the share capital of the CDTC in November 2001 at a cash consideration price of CYP 9.3 per share from the government. The Cyprus Hilton has a book value of CYP 30.7 mln or EUR 53 mln as at 1H06 whilst its book value per share stood at CYP 10.5 per share or EUR 17.7 per share.

The Company is expected to book a solid one-off profit in its 2007 financial statements.

Hilton Cyprus is a luxurious five star resort hotel, located close to Nicosia’s historical centre. The six- floor hotel, features 298 rooms, conference centre, business centre and ballrooms.