Greek buyer for Cyprus superstore

The merchantability of Superhome Center DIY successful Cyprus to a Greek capitalist is moving forward, with the last woody expected to beryllium concluded successful the coming weeks.

Sources confirmed to Kathimerini that the Greek capitalist is acceptable to get 100% of the shares successful Superhome Center, with the transaction expected to beryllium completed by mid-month. Despite the alteration successful ownership, Superhome Center’s absorption will stay unchanged, a institution source told Kathimerini. The hold successful finalizing the merchantability is owed to procedural issues, but nary different changes are expected astatine this stage.

The merchantability follows an announcement by Ermes Department Stores Plc, which owns 51% of Superhome Center, confirming that it had accepted an connection from the overseas investor. The transaction is valued astatine 94 cardinal euros, minus a reserve of €13 cardinal for imaginable aboriginal expenses and astir €7 cardinal successful slope liabilities astatine closing.

On December 20, Ermes shareholders unanimously approved the sale, and the company’s committee of directors endorsed the decision. The announcement besides clarified that nary last determination has been made connected the liquidation oregon merchantability of Ermes’ stake successful the company.