LAMDA Shipyards Transfer of Shares
LAMDA Development S.A., following its strategy of focusing its activities in the real estate sector and further strengthening its operational profitability, is announcing that on 4/9/2006 has signed an agreement with Privatsea M.S. Holding Ltd, a company of Latsis group interests for the transfer of the total shares that the company held in LAMDA Shipyards S.A., which represent 75% of its share capital.
The total price of the transaction is 10.9 million. The above price is increased by 1.4 million in accordance to the valuation report of the company, which was 9.5 million and was performed by the independent valuator Alpha Bank. This transaction is expected to improve the consolidated results of LAMDA Development by 1,1 million.
LAMDA Shipyards SA has presented operational losses for the fiscal year 2004 of 0.8 million, for the fiscal year 2005 of 2.3 million and during the first 8 months of 2006, of 4 million, which represent cumulative operational losses for the last three years of approx 7.1 million.
