GR. SARANTIS SA management announces that on 28/04/06 has signed an initial agreement with PET CITY S.A., with regard to the disposal of the full share capital (100%) of its subsidiary PET CHAMPION S.A., as well as the latter's subsidiary GRECOVET LTD.
Specifically, Sarantis Group SA proceeded with an initial agreement to dispose 100% of the share capital of Pet Champion SA and Grecovet Ltd., which deal with the trade of pets, birds and pet accessories, to Pet City SA. The realisation of the above agreement will occur after the successful completion of the legal audit of the companies (due diligence) within three weeks, while the final sale agreement amounts to 2,291,840 euro, out of which 491,840 euro is paid in advance and the remaining amount will be paid in semi annual instalments of 225.000 euro each.
Sarantis Group SA, with the above mentioned agreement, is released from its non-strategic activities, while being oriented to the management's ten-year strategy, which aims at rendering the Company as one of the leading consumer products distribution companies in Eastern Europe.