According to rumors that had been recently spread in the local market, T.O. had reached an agreement with the investment company BELTERRA INVESTMENTS Ltd on the sale of Porto Karas.
T.O.'s official statement that was unveiled in the Athens Stock Exchange site confirmed the reportedly inked deal and comprised further details.
According to the statement -available in Greek- «T.O. International Holding Ltd» and «BELTERRA INVESTMENTS Ltd» concluded a first round of negotiations for the sale of a stake in Porto Karas SA share capital.
The deal will comprise the sale of:
a.) shares in T.O.'s subsidiary companies closely related to the operations of Porto Karas, and in particular of "Ktima Porto Karas SA", "Porto Karas Golf", "Porto Karas Marina SA" , and
b.) assets related with the operations of Porto Karas SA as well as the stakes of individual shareholders in the aforementioned companies.
The first tranche that BELTERRA INVESTMENTS Ltd will pay for the portfolio will reach a total of €205.000.000, while the total payable to T.O. International Holding Ltd for the assets sold amount will be €168.884.530 on debt free basis.
