Cypriot DIY retail chain Superhome Centre is set to change ownership in a €94 million deal, it emerged this week.
The prospective buyer is reportedly a billionaire investor of Greek descent, according to Economy Today.
The same reports said that the buyer, who has previously been listed among the world’s top 200 richest individuals by Forbes, initially built their wealth in the coal industry before expanding into cement production.
The investor was reportedly drawn to the acquisition by the store’s network, Cyprus’ strategic location, and the growth potential of the region.
In a statement to the Cyprus Stock Exchange (CSE), Ermes Department Stores Plc, a subsidiary of Cyprus Trading Corporation Plc (CTC), confirmed plans to sell its 51 per cent stake in Superhome Centre DIY Ltd to the international investor.
The total transaction value is €94 million, although €13 million will be allocated for future expenses and €7 million will cover outstanding bank obligations at the time of completion.
The finalisation of the sale is contingent on the approval of an extraordinary general meeting (EGM) of shareholders, scheduled for December 20, 2024, at the company’s registered office in Nicosia.
At the meeting, shareholders will also deliberate on allocating a portion of the proceeds to settle obligations tied to related parties, as outlined in the agreement.
The board of directors of Ermes has described the sale as a “mature and advantageous investment” that is expected to yield significant benefits for both the company and the broader CTC Group.
“This transaction is fair and beneficial, contributing to the rationalisation of the company’s financial position and the reduction of leverage among CTC Group’s related parties,” the board stated.
What is more, the sale is expected to “proceed under standard terms and conditions that prioritise transparency and the smooth execution of the process”.
Finally, Ermes reiterated its “commitment to pursuing opportunities that advance shareholder and group interests”.
