COMPLETION OF ΑΝ IMPORTANT CORPORATE TRANSACTION
Sciens International Investments & Holdings S.A. (Bloomberg Ticker: SCIENS GA), announces the completion of the acquisition of the 9.4% of Club Hotel Casino Loutraki S.A. from Piraeus Bank S.A., via its affiliate company SCHL Limited.
The agreement, for which has been signed a protocol of action with the Piraeus Bank S.A. in the 21.03.08, has been finalized after the appropriate permission given by the Greek Supervisory Committee for Casino Operation, to Sciens International Investments & Holdings S.A. for the acquisition, according to law 2206/1994, as it is in effect.
The total amount of transaction has been agreed to euro 67.6 mln and will be financed via both own equity and long-term debt.
After the transaction, Sciens International Investments & Holdings S.A., holds, directly and indirectly, 16.4% of Club Hotel Casino Loutraki SA shares, becoming its second largest shareholder.
Club Hotel Casino Loutraki S.A. was established in 1995, and currently operates through a joint venture agreement, the largest casino of Europe, as well as a multi-purpose hotel and conference centre in the seaside town of Loutraki, near Athens, Greece.
The joint venture in which CHL currently has 86% profit stake, recorded revenues euro 145.7 mln, euro 164.6 mln and euro 192.6 mln in 2005, 2006 and 2007 respectively, with corresponding net income before tax of euro 64 mln, euro 71.5 mln and euro 84.4 mln in 2005, 2006 and 2007 respectively.
The present agreement has been made in the context of Sciens International Investments & Holdings S.A. strategy, which is focused on continuous search of highly yielded investments in the wider field of Private Equity