Newsroom
Foreign investor Balram Chainrai's aggressive pursuit of Agros' historic hotel continues into 2025 as he steadily increases his shareholding, bringing him closer to full control following his public takeover bid, according to Kathimerini's Panayiotis Rougalas.
On Thursday, February 13, 2025, it was announced that Chainrai, a Hong Kong-based investor, had purchased an additional 1,621 shares in ETAIREIA ANAPTYΞEΩΣ AGROU "PROODOS" DIMOSIA LTD ("AGRO") on February 12, 2025. This purchase, at a price of €3.00 per share, represents around 0.05% of AGRO’s total issued share capital.
With this latest acquisition, Chainrai now directly holds 1,290,984 shares, representing approximately 35.96% of the company's issued share capital and voting rights.
This follows a series of other purchases throughout February. On February 10, 2025, Chainrai bought another 216 shares (about 0.01% of AGRO’s issued share capital), on February 4, 2025, he acquired 1,000 shares, and on February 3, 2025, he added 219 shares. Earlier in January, he also purchased 2,332 shares on January 31, 2025, and 13,731 shares on January 30, 2025, among other transactions.
The Cyprus Securities and Exchange Commission (CySEC) officially approved Chainrai’s public offer document on January 23, 2025, allowing the publication of the offer. The proposed purchase price for the shares is set at €3.00 per share. The offer period began on January 30, 2025, and will expire on March 6, 2025.
AGRO’s total issued capital is made up of 3,590,215 ordinary shares, each with a nominal value of €1.71.
Chainrai, who plans to refurbish the historic hotel and turn it into a major winter tourism destination for Cyprus, has stated that he does not intend to delist the shares from the Cyprus Stock Exchange.
