An existing shareholder (‘offeror’) terminated the acquisition of a 56.4% stake in Salamis Tours Public Limited (‘Salamis’) from CLR Investment Fund Public Ltd., CHELCO Nominees Ltd., Katina Lysandrou, Andreas Hadjitheodosiou, Elena Hadjitheodosiou and other shareholders.
June 08, 2017
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An existing shareholder (‘offeror') made an offer to acquire remaining 56.4% stake in Salamis Tours (Holdings) Public Limited (CSE:SAL) (‘Salamis') from CLR Investment Fund Public Ltd. (CSE:CLL), CHELCO Nominees Ltd., Katina Lysandrou, Andreas Hadjitheodosiou, Elena Hadjitheodosiou and other shareholders for €8.2 million on May 2, 2017. The offeror already holds 15,936,909 shares of Salamis. Salamis shareholders will receive as consideration €0.40 per share in a public takeover offer which is subject to a minimum tender offer of such number of shares so that the offer holds at least 90% plus one share of Salamis. CLR Investment Fund Public, CHELCO Nominees, Katina Lysandrou, Andreas Hadjitheodosiou and Elena Hadjitheodosiou have committed to accept the takeover bid. The offeror has arranged all necessary arrangements with a banking institution in Cyprus for the payment of the proposed consideration. The offer is subject to required approval by the Cyprus Securities & Exchange Commission. The Cyprus Investment and Securities Corporation Ltd. acted as a financial advisor to the offeror.
An existing shareholder (‘offeror') cancelled the proposed offer to acquire a 56.4% stake in Salamis Tours (Holdings) Public Limited (CSE:SAL) (‘Salamis') from CLR Investment Fund Public Ltd. (CSE:CLL), CHELCO Nominees Ltd., Katina Lysandrou, Andreas Hadjitheodosiou, Elena Hadjitheodosiou and other shareholders on June 9, 2017. The cancellation follows the initiation of an investigation by the Cyprus Securities & Exchange Commission in relation to the audited consolidated financial statements of Salamis for the year ended December 31, 2016.
Salamis Tours Holdings Public Ltd is a Cyprus-based holding company engaged in the sectors of travel, tourism, shipping, and transport. The Company is structured in five segments: Incoming and Outgoing Travel, which offers a complete range of services, such as airport handling, car rental and sightseeing tours, operating under the auspices of Salamis Tours Ltd; Shipping, which offers a range of transportation solutions; Transportation, which is carried out by the Company's subsidiary, Cyprus International Roads Ltd, and provides road transport both internationally and domestically; Ship Management, providing chartering and hotel catering services, marine and technical operations management, crewing, fuel helding bunkering and lubricant management, insurance arrangements, security, as well as safety and quality control, and Cruises, with the subsidiary Salamis Cruise Lines, offering cruises to the Greek islands, Israel, Egypt, Lebanon, and Syria.
An existing shareholder (‘offeror’) terminated the acquisition of a 56.4% stake in Salamis Tours Public Limited (‘Salamis’) from CLR Investment Fund Public Ltd., CHELCO Nominees Ltd., Katina Lysandrou, Andreas Hadjitheodosiou, Elena Hadjitheodosiou and other shareholders.
SALAMIS TOURS (HOLDINGS) PUBLIC LIMITED 
