Libra continues with restructuring plan

After a number of years with unsatisfactory results of the Company’s Tour Operating subsidiary in the U.K. Libra Holidays Ltd, the Company has for the last few months been trying to reduce its holding from this activity and concentrate on its hotel and property development companies.
“To this extent, we are pleased to announce that we have entered into final negotiations with potential investors in the U.K. who will participate in the Libra Holidays Ltd (UK) business along with restructuring of management and level of activity,” said Libra CEO Andreas Drakos.
Initially, the Company will continue to hold a substantial stake in the UK company reducing as further investments are made by the new investors over the next six months. These new investments are expected to smoothen the operations with consequent effect the improvement in the financial performance.
Further announcements will follow, when all agreements with all official parties concerned are finalized.