NKS to increase stake in Woolworth Cyprus

N.K. Shacolas (Holdings) Ltd (NKS) expressed its intention to examine the possibility to submit a public offer for the acquisition of up to 89% of the share capital of Woolworth (Cyprus) Properties (FWW) at a cash consideration of EUR 1.40 per share.

Given that NKS’s intention is to submit a public offer, this will be subject to approval by the Securities and Exchange Commission.

NKS and its related parties control 44% of the share capital of FWW. The public offer will be considered successful if NKS and its related parties and subsidiary companies acquire at least 51% of the share capital of FWW. The final decision of NKS will be taken within 35 days from the day it announced its intention to submit the public offer.