SFS Cyprus reduces stake in SFS Venture One

SFS Group Public Company Ltd (SFS.CY) announced that it has reduced its stake in SFS Venture One Ltd from 75% to 40%. The Company transferred 140,003 or 35% of Venture One shares of nominal value EUR1.71 each to Torlone Holdings Ltd, for the total sum of EUR1.00. After the transfer of its stake to the current shareholder, Venture One will be renamed to DD Venture One Ltd while Christodoulos Ellinas, Philippos Larkos and Yiannis Pitsillos will resign from the Board.
According to Management, the main reasons for this decision were, Venture One decided not to establish a real estate investment fund (SFS Emerging Europe-REF), as a result of the ongoing world financial crisis and the unfavourable and unstable economic conditions in the target countries the Company wished to invest. SFS decided that Property Management is not included in the Company’s main areas of interests anymore. The decision is in line with stated objective of SFS to exit out of non-core activities in order to enhance shareholder value.