Orphanides makes new takeover

Orphanides Pcl (ORF) signed an agreement for the acquisition of the assets and

commercial operations of NKK Froutaria Deluxe Ltd. (NKK) that operates

a supermarket in Geri, Nicosia.

Specifically, the Company signed a 15-year leasing agreement for NKK’s

premises commencing as from 1 March 2007 with the right for renewing the

contract for a further 15-year period. The consideration price will be determined following the valuation of NKK’s net assets in 30 days.

The acquisition falls within the Company’s 3-year strategic plan, which includes expanding its operating activities, strengthening its profitability and enhancing its market share through the acquisition of smaller supermarkets.