Hong Kong investor Balram Chainrai has increased his stake in Agros Development Company ‘Proodos’ Public Ltd, the owner of the Rodon hotel in Agros.
On January 7, Chainrai purchased an additional 319 shares of ‘Proodos’ at €3.00 each, raising his direct ownership to 102,353 shares, representing 2.85 per cent of the company’s issued share capital.
This follows a series of acquisitions in December, where he secured 5,195 shares on the 30th, 865 shares across two transactions on the 23rd, and 95,974 shares on the 20th, cumulatively adding up to a 2.81 per cent increase in his holdings.
These purchases are part of Chainrai’s strategic investment in the Cyprus hospitality sector, signalilng his increasing involvement and confidence in its growth potential.
Additionally, his recent public offer to acquire up to 100 per cent of ‘Proodos’ at €3.00 per share.
This move aligns with his history of revitalising properties and expanding into new markets, further establishing his footprint in the European hospitality industry.
Chainrai’s increased share in the Rodon hotel also reflects his broader vision to leverage Cyprus as a hub for attracting international tourists, particularly during the winter season.
