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

91 new cases of COVID-19 on Monday

The Health Ministry announced 91 new COVID-19 cases on 26 October, out of 2,285 laboratory tests, taking confirmed infections to 3,636. The break-down of new...

Bottled water withdrawn from Cyprus market

The Health Ministry is informing consumers that within the framework of the officials tests conducted in the market, the Ministry’s health services have tested...

President: Attack against Macron insults European values

In a written statement, President Anastasiades said that this attack, against the French President from the leader of a country which is candidate for...

Finance Minister: No lockdown forseen in 2021 state budget

Minister of Finance Constantinos Petrides called on MPs to approve the 2021 state budget given the critical moments facing Cyprus due to the coronavirus...

Mitsotakis-Anastasiades have working lunch

Prime Minister Kyriakos Mitsotakis on Monday had a working lunch with Cyprus President Nicos Anastasiades. According to government sources, during the lunch they discussed Turkey's...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...