Pharmakas bids for Unifast Finance

Pharmakas Quarrying, a subsidiary of A. Panayides Constructions (APC) has expressed the interest to submit a public offer seeking a minimum 50% plus one share of Unifast Finance & Investments Pcl (UFI) and up to 60% of the share capital at the price of CYP 0.11 or EUR 0.19 per share in cash.

Based on the 9.98 mln shares of UFI listed on the CSE, the deal has a value of EUR 948.860 if the bid is successful at 50% or EUR 1.1 mln if the acceptance level reaches 60%.

Fakas Investments & Developments Ltd, holding 42.44% of the share capital of Unifast has agreed and committed to back the deal and accept the bid offer. A week ago, Fakas Investments & Developments sold 980.000 shares or 9.81% of the capital of Unifast to Laiki Investments at EUR 0.17 per share in a deal valued at EUR 166.600. Nektarios Fakas had revealed that he held a 12.71% stake in the company.