SFS submits bid for Athena

SFS Group Public Company Ltd (SFS) announced its intention to submit a Public Offer for Athena Investment Public Co Ltd (ATH) seeking the acquisition of 50% plus 1 share of ATH’s issued share capital in cash.

According to the announcement, for each ATH share, SFS will offer a cash consideration equal to ATH’s Net Asset Value per share (NAV/share) as of 31 March 2007 (to be announced on a later date) less the proposed dividend for 2006 of CYP0.0275/share (EUR0.0475/share). It is noted that in case the Offer is successful, the proposed dividends will also be distributed to those entitled shareholders that will have accepted the Offer. ATH’s NAV/share as of 31 December 2006 stood at CYP0.39 (EUR0.68) while its 2006 profit after tax amounted to CYP8.1 mln (EUR14.0 mln).

SFS owns directly 20.87% stake in ATH while it indirectly holds an additional 0.22% stake through related physical and legal entities. The Public Offer is subject to the approval by the relevant regulatory authorities.