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Listed Companies' Press Releases
Press Releases for 23/11/2011 | Company Press Releases | Press Search | Monthly Press
23/11/2011
MARFIN INVESTMENT GROUP HOLDINGS SA
ANNOUNCEMENT

In the context of strategic decisions of VIVARTIA Group, focusing on the development of its activities in Greece, and further to the announcement of “MARFIN INVESTMENT GROUP HOLDINGS SA” regarding a pre-agreement (Term Sheet) for the sale of VIVARTIA CYPRUS LTD, a wholly owned subsidiary of DELTA FOODS SA, it is announced that a memorandum of agreement has been entered into between DELTA FOODS SA and Cypriot businessmen Alexis Charalambides and Menelaos Shiacolas regarding the sale of 90% of VIVARTIA CYPRUS LTD with a price consideration of € 42 mm, of which an advance payment of € 4.2 mm has already been paid. The above agreement has been approved by the competent Cypriot Competition Authority and is expected to be finalized within the following three weeks, at which time the consideration will be paid in full.

It is noted that 10% of the Company remains to DELTA FOODS S.A, while the agreement in question will ensure the continuous presence of VIVARTIA’s products (under the trademarks DELTA, BARBA STATHIS, CHRYSSI ZYMI) in Cyprus through the continuation of the commercial cooperation between the companies of VIVARTIA Group, which currently export their products to Cyprus, and VIVARTIA CYPRUS LTD.

This transfer will considerably improve the Group’s cash flow, while it is expected to encumber the Group’s results by approximately € 16 mm.