Its private placement of shares was completed, while the participation of the group in Trade Estates was formed at 47.3%. According to the relevant announcement, “despite the difficult stock market environment, investment interest was strong, allowing the placement of 16% of Trade Estates’ share capital, which exceeds the required 13.4%, resulting in a decrease in the Fourlis Group’s participation under 50% and in particular 47.3%. This development leads to the de-consolidation of Trade Estates, while the group maintains a significant minority participation in the company.” CORVERSE Through this transaction, according to the same communication, the Fourlis Group ensures EUR 29 million, strengthening its financial position and significantly reducing its net lending, which now amounts to EUR 60 million. This move increases the flexibility of the group to implement its long-term strategy, while Trade Estates continues to implement its ambitious plans in the real estate sector. Vassilis Furlis, executive president of Fourlis Holdings, said: “This transaction is an important milestone in our strategy, strengthening our financial position and at the same time creating new opportunities for the independent development of Trade Estates. We remain absolutely confident of the long-term dynamics of Trade Estates and will continue to support its development. At the same time, the Fourlis Group is now in an even stronger position, focusing on its core business strategy and creating further value for our shareholders.” Source: RES – ICM
Fourlis Group: 47.3% of the participation in Trade Estates was formed
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