PRESS RELEASE
Based on an MOU, signed between Κ.THEODORIDIS family (holders of 50% of Κ.THEODORIDIS S.A. TRADE-IMPORTS-CAR ITEMS REPRESENTATIVES, from now on “K. Theodoridis SA’) and SARANTIS Group (holders of 50% of Κ.THEODORIDIS SA), the parties agreed that they will exercise the management of Κ.THEODORIDIS SA in turn every twelve months. Hereafter, as of the 1st March 2007 and for the coming twelve months, the management of Κ.THEODORIDIS SA will be exercised by Κ.THEODORIDIS family.
As a result, and along with the International Accounting Standards (IAS 31), SARANTIS Group will consolidate the Financial statements of Κ.THEODORIDIS S.A., using the “joint control” method. Specifically, Balance Sheet, P&L and Cash Flow releases throughout 2007 and onwards, will consolidate the financials of the ‘Κ.THEODORIDIS S.A.’ in proportion to the participation of SARANTIS Group to the company.
SARANTIS Group plans to release 2006 quarterly and annual results in pro-forma to facilitate like to like comparison.
Contact
SARANTIS Group
26, Amaroussiou - Halandriou Street
151 25 Maroussi, Athens, Greece
Tel: +30 210 6173000
Fax: +30 210 6197081
e-mail: group-info@sarantisgroup.com
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