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Magean Holding PLC — Major Shareholding Notification 2020
Dec 28, 2020
2519_iss_2020-12-28_0d7ae410-6fd7-4f8f-afc7-263d4b603fb6.pdf
Major Shareholding Notification
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Announcement
Nicosia, 28 December 2020
Dear Sir/Madame.
SUBJECT: Disposal of subsidiary shares
In accordance with the Cyprus Stock Exchange Laws and Regulations, the Board of Directors of MAGEAN HOLDING PLC hereby announces that on the 24th of December 2020. MAGEAN HOLDING PLC proceeded with the disposal of 50% of the shares held in its subsidiary Company BAKEHELLAS ABEE to NV LA LORRAINE BAKERY GROUP, a Belgian registered Company operating in the milling and bakery sector.
The total number of shares sold was 252.288 (two hundred and fifty-two thousand two hundred and eighty-eight) and the nominal value of shares was Euro 2 each and the consideration was € 3.600,000 and was paid in cash.
The accounting profit from this transaction for MAGEAN HOLDING PLC based on the cost of Investment was € 3.095.424. The estimated accounting profit for MAGEAN HOLDING PLC Group based on the Net Asset Value of BAKEHELLAS ABEE as at the date of disposal was estimated at $\epsilon$ 2.770.000
MAGEAN HOLDING PLC will continue managing BAKEHELLAS ABEE.
This was a pure commercial transaction for MAGEAN HOLDING PLC terms as NV LA LORRAINE BAKERY GROUP is a multinational group with many years of experience in the milling and bakery sector with presence in more than 25 countries. This cooperation is expected to assist in the growth in BAKEHELLAS business as a significant increase is expected in both the Group's turnover and profitability in the next years.
Value Partners Ltd where the financial advisors of MAGFAN HOLDING PLC for this transaction and PotamitisVekris Law Firm where the legal advisors of the Company.
Yours faithfully. Georgios Mavromaras CEO
MAGEAN HOLDING PLC Γραφεία: Ρήγα Φεραίου 2 3095 Λεμεσός TnA. 00357 25 878978 Fax 00357 25 342183
Διακίνηση - Αποθήκη: Τηλ. 00357 24 847000 Fax 00357 24 847040
MAGEAN HOLDING PLC Office: 2. Riga Fereou str. 3095 Limassol Tel. 00357 25 878978 Fax 00357 25 342183
Distribution Center: Tel. 00357 24 847000 Fax 00357 24 847040