Prochoice subsidiary sells Larnaca land for EUR3.76m

CPI Holdings Public Ltd, a subsidiary of A.L Prochoice Group Public Ltd, announced that it decided to sell the consideration agreement for the construction of a complex of flats in Larnaca. The sale will be against EUR3.76 million (CYP2.2 million). The investment has been evaluated in the Company’s books as at 31/12/2006 against EUR3.25 million and the profit that will result from the sale will be of EUR513,000 in 2007. The deal will be finalized within a period of thirty days.
The money from the sale will be used for further investments in properties outside Cyprus, where the Company expects higher yields, for the strengthening of the Group’s capital and for the payment of loans. The sale falls within the framework of the Group’s strategic plan, according to which the Group will boost its investments in properties outside Cyprus, which are expected to be higher than those that the specific investment would have in the next few years.