Sanyo to look at alternative purchase offers for the possible liquidation in TORM participation
?A purchase offer was made, through a law office, to our subsidiary company EXPLOINVEST LTD, which holds the 16% of the Danish Shipping Company TORM A/S, (listed on the Copenhagen's Stock Market), for its above participation. After the relevant exchanged correspondence for the finalization of the offered price, the Board of Directors of SANYO HELLAS HOLDING, after discussions of the subject, turned down this offer.
Nevertheless, an announcement was made on the Copenhagen's Stock Market from the company RASMUSSENGRUPPEN A.S., which appeared as the ?client? of the aforesaid law office, considering that the correspondence between us about the fixing of the purchase price were also a final agreement. SANYO HELLAS HOLDING S.A., denied with official announcements on the Copenhagen's Stock Market the existence of any agreement between EXPLOINVEST LTD and RASMUSSENGRUPPEN A.S. and required from RASMUSSENGRUPPEN A.S to recall her announcements or our company reserves her rights to take all necessary steps to protect our reputation and interests which were adversely affected.
The Depository Trust Company of Copenhagen has turned down twice claims of RASMUSSENGRUPPEN A.S for binding the shares EXPLOINVEST LTD holds in A/S TORM. The appeal of RASMUSSENGRUPPEN A.S to Danish Courts adds to the whole case its commitment for purchase the above shares at the offered price. This fact includes for our company a capital profit of 92,5%.
SANYO HELLAS HOLDING S.A., holding at her first standing, believes that the Danish Courts will turn down RASMUSSENGRUPPEN A.S claims.
At the same time, the Board of Directors of SANYO HELLAS HOLDING S.A., in the frame of company's strategy, overhaul the possible liquidation in TORM participation and appoint Mr George N. Papageorgiou Managing Director of the company to look at others purchase offers which have already made to EXPLOINVEST LTD.