Orphanides in new takeover

Orphanides (ORF) signed an agreement for the acquisition of the assets and commercial operations of “Goglio Investments Ltd” (GI) that operates a supermarket in Paliometoho, Nicosia.

The Company also signed an agreement with A. Savva and Ch. Kkafas for the acquisition of the premises of the supermarket of a total area of 6,127 m2. The consideration price will be determined following the evaluation of GI’s net assets in 30 days.

According to an analysis made by Egnatia Financial Services, the acquisition falls within the Company’s 3-year strategic business plan, which includes expanding its operating activities, strengthening its profitability and enhancing its market share through the acquisition of smaller supermarkets. The Company’s 3-year strategic business plan called for 10 additional retail outlets added to its then 10 existing stores. So far, ORF has acquired 3 supermarket stores (excluding the above acquisition), one in Lakatamia, one in Geri and one in Dali, all in the Nicosia district.