E.V.H. Investments Limited made a mandatory takeover bid to acquire additional 38.3% stake in Salamis Tours (Holdings) Public Limited (CSE:SAL) for €8.4 million on September 25, 2018. Under the terms of the transaction, E.V.H. Investments Limited will pay €0.6 per share in cash. E.V.H. Investments Limited holds 61.15% stake directly and 61.7% stake with parties acting in concert. In a related deal, E.V.H. Investments Limited acquired an additional 17.52% stake in Salamis Tours (Holdings) Public Limited. E.V.H. Investments Limited has proceeded with all necessary arrangements with a banking institution in Cyprus for the payment of the proposed consideration to the shareholders of Salamis who will accept the bid. The bid is subject to the condition that the required approvals are obtained by the Cyprus Securities and Exchange Commission as provided by the Law. Cyprus Securities and Exchange Commission approved the publication of the takeover bid document for the acquisition. The period of acceptance of the takeover bid for the shareholders of Salamis commences on November 7, 2018 and ends on December 17, 2018. As on November 29, 2018, the Board of Directors of Salamis Tours are unable to express their opinion about the takeover bid, but considers that the bid made by E.V.H. Investments is not going to have an impact on the current employment workforce of Salamis Tours. The Cyprus Investment and Securities Corporation Limited acted as financial advisor to E.V.H. Investments Limited. PricewaterhouseCoopers Ltd, Cyprus acted as accountant for Salamis. E.V.H. Investments Limited completed the acquisition of additional 18.2% stake in Salamis Tours (Holdings) Public Limited (CSE:SAL) for €3.9 million on December 17, 2018.