CTC sells Christis stake to Vivartia

Cyprus Trading Corporation Pcl (CTC) in cooperation with N.K Shacolas Group signed an agreement to dispose their participation in the share capital of Christis Dairies Pcl (CDL) to Vivartia SA (Delta Holdings), at CYP 0.29 cent per share in a deal valued at CYP 7.28 mln or EUR 12.6 mln.

The total number of shares owned by the two parties amounts to 25,092,159 shares corresponding to 45.81% of CDL’s issued share capital, whilst CTC’s participation in CDL’s share capital stands at 25.45%.

When the deal was initially announced in July, the price agreed was 30 cent or 52 euro cents per CDL share. But after the due diligence was carried out, the agreed price was lowered to 29 cent or 50.2 euro cents, reducing the value of the deal to EUR 12.6 mln from 13 mln.

Given that the agreement is approved by the C.P.C., Vivartia S.A. will proceed to a Public Offer for the acquisition of the total share capital of CDL at the same price of CYP0.29 or EUR 0.502/share.