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Prochoice invests in Romania property

Nicosia-based Cyprus) A.L Prochoice Group Public Ltd has signed an agreement for the purchase of a property of 580,000 square meters in Romania at the area of Axenteli at the price of €2 per square meter, a total investment of €1,160,000.

This move falls within the framework of the Group’s strategy for the strengthening of its investment property in the Balkans, where the prospects for the achievement of significant goodwill are many. The purchase will be carried out by a subsidiary. The Group intends to convert the property into a housing property and to proceed with the separation of 850 plots.

The Romanian company, Mapamond Real Estate, in which PROP subsidiary CPI Holdings Public Ltd has a stake of 60% and which owns a land of 243,511 square meters in Romania bought against the sum of €1,217,759 in May 2007, is in negotiations for the sale of land at a price significantly higher than its initial investment. The negotiations will be concluded – either positively or negatively – in late January 2008 and the Group will inform the investing public for further developments. Within the framework of the negotiations, the Company has granted an option to the buyer at the price of €40 per square meter, which expires in late January 2008.

A.L. ProChoice Group Public Ltd announced that the Public Offer to the shareholders of CPI Holdings Public Ltd for the acquisition of up to 100% of the issued capital expired on December 17. The total rate of acceptance together with 82.444% that the Offeror held, increases the latter’s stake to 90.483% (22,058,503 shares) of the total share capital of CPI Holdings Public Ltd. (financialmirror)