P.P. Irrigations and Systems Ltd agreed to acquire 100% stake in Karina Properties Ltd and 33.33% stake in Harbour Shore Estates Ltd from Leptos Calypso Hotels Public Ltd. (CSE:LCH) in stock on March 7, 2016. As reported, P.P. Irrigations and Systems will acquire 1.07 million shares in Karina Properties and 10,000 shares in Harbour Shore Estates. In addition, LCH will also transfer €30 million of its obligations to the Bank of Cyprus Public Company Ltd. In return, LCH will receive one fully paid ordinary share of nominal value €1 to be issued by P.P. Irrigations.

The transaction was unanimously approved by the shareholders of Pandora Investments Public Limited, the parent of P.P. Irrigations and Systems and shareholders of Leptos Calypso Hotels Public Ltd. on March 24, 2016.