So Easy Kiosks buys 4 convenience stores

So Easy Kiosks Ltd , a subsidiary company of Phil. Andreou Public Ltd (PHIL) has acquired the 100% share capital of G.P.C. Unimarket Convenience Store Ltd, the owners of 4 convenience stores for CYP 545.739 or EUR 932.450 in cash.

In a stock market filing, Phil Andreou said the acquisition is in line with the growth strategy of So Easy Kiosks Ltd., with the company adding that the addition of the four stores, (3 in Nicosia and 1 in Limassol) and annual turnover of close to CYP 2 mln will contribute towards improving further the results of both So Easy Kiosks Ltd and the Group.

The consideration for the acquisition of the company’s share capital was agreed at CYP 545.739. The net assets of the company as at the date of acquisition were CYP 220.046. Τhe difference between the net assets and the consideration is calculated at CYP 325.693. The accounting treatment of goodwill on consolidation will be in accordance with International Accounting Standards.
The transaction was carried out on an arm’s length basis.