Kathimerina 9 January 2025 - by Dorita Giannakou
In a Greek company 100% of the shares, the Cypriot management remains
The decision to sell the share capital of Superhome Center to a foreign investor has not changed. According to Kathimerini, in the near future, the sale of 100% of the company's shares to the investor who had shown interest will be finalized. Specifically, as we were mentioned, around the middle of the month the aspiring investor/buyer who comes from Greece, will officially acquire Superhome Center DIY LTD. However, as it was made clear to us by a competent source of Superhome Center, nothing will change regarding the management of the company despite the fact that the company will change hands. According to the same information, the delay in the ratification of the agreement is due to procedural issues as nothing has changed at this stage. In fact, as we are informed, the company/investor/buyer coming from Greece has shown interest in making other investments in Cyprus.
It is recalled that Ermes Department Stores Plc had issued last Tuesday a relevant announcement through the CSE where it pointed out that at this stage no decision has been taken to sell/liquidate the aforementioned participation of Ermes nor has there been any contractual / or legal commitment with any third party, intended buyer.
"In the event that there is any development with the decision of the management bodies of Ermes or the conclusion of any contractual commitment, of course Ermes will take all appropriate steps and ensure timely notification to the authorities and the investment public, in accordance with the provisions of the applicable legislation," the company said.
Ermes Department Stores Plc – which owns 51% of the company – said in a previous statement that it had accepted an offer from a foreign investor to buy 100% of its share capital in Superhome Center DIY.
The intended sale transaction was announced to be for a full consideration of €94 million. minus amounts of €13 million that will remain as a deduction for expenses that may arise in the near future and minus the final bank liabilities at the time of completion of the transaction, which are currently approximately €7 million.
It is also noted that on December 20, the extraordinary general meeting of Ermes' shareholders unanimously approved the relevant resolution that was put before it on the basis of a similar decision of the Board of Directors.
According to the relevant announcement of December 3, Ermes Department Stores Plc (Ermes), "intends to proceed with the disposal of their participation in the subsidiary Superhome Center DIY LTD to an intended buyer/investor abroad".
