Agreement reached for €94m sale of Superhome Center (DIY) to Vasilitsi DIY

The Management of Superhome Center (DIY) Limited has announced that an agreement has been reached for the company's sale to Vasilitsi DIY Ltd.

According to an official announcement to the press, the transfer of ownership is set to be completed within the month of February and "CEO, George Giovanni, and his team will continue guiding the company through this exciting new chapter."

According to a statement submitted to the Cyprus Stock Exchange (CSE), the agreed upon sales price is €94 million.

More specifically, in its announcement to the CSE The public company Ermes Department Stores Plc announced that its Board of Directors has approved the disposal of the Company's investment in its subsidiary company Superhome Center DIY Ltd in which it holds 51% of the issued share capital.

"The transaction includes a simultaneous disposal by the company Secora BV registered in the Netherlands , holder of the remaining 49% of the issued share capital of Superhome. The aforementioned sellers have entered into an agreement to purchase 100% of the shares of Superhome with the company Vasilitsi DIY Ltd, ... to which the said disposal will be made," the announcement said.

It continued, "The sale price for 100% of the shares amounts to €94,000,000 minus €3,740,000 Disposal of Ermes Department Stores Plc's investment in Superhome Center DIY Ltd Specifically, Ermes, from the sale of its entire share, which amounts to 51% of the total issued share capital of Superhome, will receive an amount of €39,403,000 and will repay bank and other loans of both itself and other companies of the CTC Group to which it belongs, amounting to €33,600,000," the announcement to the CSE continued.

The official announcement on the sale from Superhome Center's management, meanwhile, can be seen below:

Official Announcement from Superhome Center (DIY) Limited Management

We are pleased to announce that today an agreement has been successfully signed between the existing owners of Superhome and the proposed buyer Vasilitsi DIY Ltd for the sale of the Company. This agreement marks a significant step in ensuring the continued growth and success of Superhome.

The transfer of ownership is set to be completed within the month of February, and it will be carried out for the benefit of the Company, its employees, and all stakeholders involved.

Our CEO, George Giovanni, and his team will continue guiding the company through this exciting new chapter. Their proven expertise and deep understanding of the business will ensure a continued focus on delivering exceptional results.

We are confident that this transition will bring positive developments for everyone associated with the Company.