Hong Kong investor Balram Chanrai is steadily increasing his ownership of Agros Development Company ‘Proodos’ Public Ltd, which owns the Rodon hotel in Agros.
Based on the announcements on the Cyprus Stock Exchange (CSE), since the beginning of 2025 up to February 12, he has made approximately 20 share purchases, now holding 35.96 per cent of the company’s total share capital.
Back in December 30, 2024, Chanrai’s stake stood at just 2.84 per cent of the issued shares.
This acquisition spree follows his initial expression of interest in September 2024, when Agros received a preliminary offer from Chanrai for 100 per cent of its issued share capital.
Subsequent announcements in October and November confirmed his intent to make a public offer to the company’s shareholders, which Agro accepted on December 10, 2024.
The Cyprus Securities and Exchange Commission (CySEC) gave its nod to the public offer on January 23, 2025.
For Chanrai’s public offer to be deemed successful, he must acquire more than 50 per cent of Agros’ voting rights.
The investor now has until March 6, 2025, to persuade shareholders to accept his offer of €3 per share, payable in cash.
If the offer concludes successfully and Chanrai’s ownership exceeds 90 per cent of the issued share capital, he has declared no intention to squeeze out remaining shareholders or to delist Agros shares from the CSE.
It has been reported that this approach aligns with Chanrai’s broader investment strategy within Cyprus.
