Following the announcements of the Company, regarding the Memorandum of Understanding signed between C.C.C. Tourist Enterprises Public Company Ltd, Emerald Coast Properties Ltd and Invel Real Estate Management (Cyprus) Ltd, for the possible acquisition of 100% of the issued shares of Parklane Hotels Limited, the Company announces that the acquisition of 100% of issued shares of Parklane Hotels Limited has been completed.
According to the signed Binding Agreement, C.C.C. Tourist Enterprises Public Company Ltd sold the 24,98% of the issued shares held in Parklane to Emerald Coast Properties Ltd, which held the rest of 75,02% of the issued shares of Parklane. Simultaneously, Emerald Coast Properties Ltd with a separate Binding Agreement in which C.C.C. Tourist Enterprises Public Company Ltd is not a party proceed and sold the 100% of issued shares of Parklane, to MHC Mediterranean Hospitality Venture Limited.
It is clarified that MHC Mediterranean Hospitality Venture Limited is a related company of Invel Real Estate Management (Cyprus) Ltd.
The consideration for the sale of the 24,98% of the shares that company held in Parklane is €22,5 million, which has been paid in cash with the completion of the Share Purchase Agreement.
The transaction was made at an arm’s length basis, and the contracting parties Emerald Coast Properties Ltd and MHV Mediterranean Hospitality Venture Limited have no relation with the Company or the Members of the Board of Directors.
The calculation of the impact of the Agreement on Company’s results (the amount of profit), will be completed soon and then the Company will proceed with the relevant announcement.
Finally, the Board of Directors will be meet soon to consider how the consideration amount from the sale of shares will be used.
For purposes of easy reference to the investors, we attach as Appendix A the announcement dated 26/10/2020.
C.C.C. Secretarial Ltd
Secretary Limassol, 12th April 2021