Balram Chainrai’s stake in “Rodon” exceeds 30%

10:00 - 10 January 2025

Companies

Investor Balram Chainrai has acquired more than 30% of the issued shares and voting rights in Agros Development Company “I Proodos” Public Ltd, the owner of the “Rodon” hotel in the Agros mountain region.

Following this development, and according to an announcement on the Cyprus Stock Exchange (CSE), the public offer submitted by the investor last month is now mandatory.

In an announcement, the CSE said that following Chainrai’s (offeror) announcement on 10 December 2024 “regarding his final decision to proceed with a voluntary public offer to the shareholders of Agros Development Company “I Proodos” Public Ltd for the acquisition of up to 100% of the issued share capital of the target company”, Chainrai states that he has directly acquired a stake exceeding 30% of the issued shares and voting rights in the target company, “making the public offer mandatory under Article 13(1) of the “Public Takeover Bids Law of 2007”, Law 41(I)/2007, as amended”.

It is noted that for the public offer to be deemed successful, according to Article 10(1) of the Law, acceptance must be received for a stake representing more than 50% of the voting rights in the target company.

“If the public offer is unsuccessful, the Offeror will not be entitled to accept any lower percentage of acceptance,” the CSE concluded.

Balram Chainrai’s stake in “Rodon” exceeds 30%

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