Insider Business Dolphin still not able to disinvest from Aristo Developers

Dolphin still not able to disinvest from Aristo Developers

It seems rather difficult for Dolphin Capital Investors to sell their 47.9% stake in Aristo Developers, Phileleftheros reports.

The firm, set up by Cypriot investor Miltos Kambourides, is trying unsuccessfully to sell stakes in big investments – including that in Aristo – for the past couple of years.

Dolphin’s annual report has said the board expects a substantial dividend distribution to shareholders from the sale of three assets – Kilada, OOKI and Aristo.

At the same time, however, it acknowledges that disinvestment from Aristo Developers is not an easy task.

The report noted that although Dolphin’s participation represents a significant value in a leading land development company with a significant real estate portfolio and increasing sales, it remains a minority one in a private company. And, as such, it is difficult to liquidate the asset.

“We have managed in recent years to raise €11 million through dividends and sell our stake in a subsidiary of Aristo, which was in possession of an area of ​​37 hectares. However, up until now we have not been able to liquidate our overall stake in the company,” it also said.

Efforts are underway to finalise and implement a disinvestment transaction, either with Aristo – the partner, or with a potential third-party investor.

Nonetheless, Aristo’s sales increased by 21% in 2019 compared to the previous year, amounting to €66 million, according to Dolphin’s annual report.

Specifically, the Cypriot company sold a total of 126 houses and plots of land in 2019, with 58% of them being  Chinese buyers.

For the first two months of 2020, 31 houses and plots of land worth €9.9 million were sold, recording a decrease of 14.5% compared to the same period last year.

Dolphin’s report noted that the coronavirus has and will continue to have an impact on its investments, including that of Aristo, due to weaker sales.

In another development, Dolphin settled a loan concerning its Cyprus-based Apollo Heights project last September. The company said it had paid €6.15m to the nominal value of the €15.7m loan.

Read more:

Aristo and Dolphin reach a €9 million deal

 

 

 

 

 

 

 

 

Top Stories

Thirteen new corona virus cases detected out of 3,486 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 13 new cases of the SARS-CoV-II virus were detected out of a total...

Results of island-wide random tests will show the way forward, scientific team says

The 10,000 corona virus random tests that were launched yesterday island-wide will show the way forward on how to address the pandemic, members of...

Bad loans in Cyprus down by €43 million in the first quarter of 2020

Cyprus recorded a further decrease of €43 million or 0.5% in aggregate Non Performing Loans (NPLs) at the end of March 2020 compared with...

Baby born as Beirut blast rips through hospital

As a devastating blast wave tore across Beirut after a warehouse explosion, Emmanuelle Khnaisser prepared to give birth to a baby boy as the...

Mainly fine weather with orange alert for extremely high temperatures on Friday

Mainly fine weather on Friday with an orange alert for extremely high temperatures issued – in effect from 12pm to 5pm. Temperatures are expected to...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...