Tsokkos in new acquisition

A. Tsokkos Hotels Pcl (TSH) announced that  its newly-established subsidiary Zebalos Enterprises Ltd., has reached an agreement for the acquisition of the entire share capital of Diomedes Hotels Ltd., which holds 50% of the share capital of the four star Iliada Beach Hotel, the three star Antigoni Hotel and Flora Hotel Apts in Protaras.
The total acquisition price has been set at CYP 9 mln of which CYP 6 mln will be paid in cash when the deal is finalised and the counter-value of CYP 3 mln in TSH shares

The Board of Aqua Sol Hotels Pcl (AQS) meanwhile announced that it has signed an agreement on 3/3/2007 with Zebalos Enterprises Ltd, for the subsublease of the tourist units Iliada Beach Hotel, Antigoni Hotel and Flora Hotel Apts with immediate effect and up to 31/12/2013 for an annual rent amount of CYP350.000.