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

Man wanted for theft from shop (PHOTO)

Police are looking for information that could help locate an unidentified man regarding a case of theft from a shop, an offense that occurred...

UK to set out new tougher COVID border measures, PM Johnson says

British Prime Minister said the government would set out new tougher border measures later on Wednesday (January 27) , adding there were no easy...

Μeasures at airports and for flights in place until March 1st

The Μinistry of Transport announced that the Cabinet on Wednesday decided to extend the measures at airports and for flights taken to prevent the...

EU warns AstraZeneca over delay in delivering Covid-19 vaccine: “not acceptable”

Stella Kyriakides, the European Commissioner for Health and Food Safety, stated on Monday that AstraZeneca's new schedule in which the company's supply of COVID-19 vaccine would fall...

Auditor General finds mistakes and omissions in Youth Board of Cyprus

The Audit Office found mistakes and omissions regarding the operation of the Youth Board of Cyprus, particularly regarding the payment of sponsorships to the...

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...