Orphanides in new Larnaca acquisition

Orphanides Pcl (ORF) have announced the acquisition of the activities and assets of Fthino Kalathi Limited, which operates as a super market in Larnaca as part of the three-year strategic plan to increase group turnover, profitability and purchasing power. The agreement was signed on April 17, 2007. The sale price has been set at CYP710,000 plus the value of the existing stocks at the date of delivery.  The date of delivery has been set for May 1, 2007. 

The Company also signed the following agreements:

a) Purchase of shares of Bosalica Limited, owner company of the plots that house Fthino Kalathi.  Following the completion of the procedures, Bosalica Limited will be subsidiary of our Company.  The amount that will be paid with the completion of the relevant procedures stands at CYP 610,000. 

b) Purchase of plot in Poubartes area, Ayios Nicolaos, Larnaca, which will serve the operation of the super market above.  The acquisition price has been set at CYP 130,000.

The acquisition was examined and evaluated by the Board of Directors of Orphanides Public Company Ltd, headed by Executive Chairman, Christos Orphanides.