According to the company's announcement to the Athens Stock Exchange, the third independent consultant KPMG Advisors Single Member S.A. filed his conclusion from 04.30.2024 (final completion statement). Based on this, from the total price of €168,885.57 thousand, €65,005.21 thousand should be deducted for financial and other obligations. Thus, the final price of the sale amounts to €103,880.36 thousand.
It is recalled that about four years ago TECHNIKI OLYMPIAKI S.A. informed the investing public of the initial completion of the negotiations between the subsidiary of T.O. International Holding Ltd and BELTERRA INVESTMENTS interests of the Savvidis group regarding the sale of the shares of PORTO KARRAS SA that belonged to the former.
The complex occupies an area of 17,930 acres and consists of the hotels "Meliton" and "Sithonia", with 970 rooms and 2,400 beds in total, two smaller hotel units VILLAGE-INN with 97 rooms and 245 beds which is under renovation-upgrade to 5* and VILLA GALINI with 25 rooms and 74 beds, the largest private marina in Northern Greece two meeting rooms, shops and entertainment venues, sports grounds, golf course, nine tennis courts and equestrian facilities the largest spa-thalassotherapy center in south-eastern Europe and the casino .
The initial total price was set at €205,000,000, with the final price corresponding to T.O. and its subsidiary to reach a total of €168,884,530 (if debt free basis). The amount of €53,994,360 will be deducted from the purchase price for the repayment of loan obligations of PORTO KARRAS for which the Company has guaranteed.
The agreement for the transfer of the Porto Karras hotel complex to Belterra Investments provided for extensive checks (full due diligence) to be carried out by the Purchaser which could affect the final amount of the transaction.
