ALAPIS Α.Β.Ε.Ε.
ANNOUNCEMENT
ALAPIS S.A. announces that pursuant to its business plan implementation, it has reached an agreement for the acquisition of 48.67% of the share capital of the company "PNG GEROLYMATOS HEALTH AND BEAUTY TRADE AND INDUSTRIAL SOCIETE ANONYME" (hereinafter "PNG GEROLYMATOS SA") while it was agreed in advance to acquire an additional 50.66% of PNG GEROLYMATOS SA share capital.
The acquisition of the additional percentage is pending the approval of the Hellenic Competition Commission. The total value of the above transaction amounts to EUR 198,666,667. Following the completion of the transfer of the additional percentage, ALAPIS SA will own a total of 99.3% of the Company's share capital. The said acquisition does not include the activities of the foreign subsidiaries as well as certain of the international activities of PNG GEROLYMATOS SA.
PNG GEROLYMATOS SA current management, which has decisively contributed to the Company's growth so far, will continue to offer its services to the company, contributing in this way to its further expansion and dynamics. The Company employs 1,100 persons, fully trained and able to support and satisfy the requirements and the expectations of its partners and those of ALAPIS SA. Within the framework of the above agreement, the founder of PNG GEROLYMATOS SA, Mr. Panagiotis Gerolymatos, will remain as Chairman of the Board of Directors of PNG GEROLYMATOS SA , while Mr. Nikolaos Gerolymatos will remain as Vice- Chairman of the Board of Directors of the Company.
PNG GEROLYMATOS SA Group distributes, represents and manufactures a broad range of health and beauty products. By maintaining joint ventures and strategic alliances with large scale international companies and by representing a broad range of products with the exclusive rights to distribute, Group PNG GEROLYMATOS SA offers Logistics and Facon services. Group PNG GEROLYMATOS SA consists of the following business units: Pharmaceuticals, Cosmetics, OTC, Diagnostics, Veterinary, Broad Distribution Products, GEROLFARM pharmaceutical wholesaling and Services (Logistics and Facon).
During 2007 PNG GEROLYMATOS SA Group reported sales of EUR 225.7 million, earnings before interest, tax and depreciation (EBITDA) of EUR 26.6 million and pretax earnings of EUR 15.2 million. During fiscal year 2008 Group PNG GEROLYMATOS SA is expected to report organic growth of its turnover, of its EBITDA as well as of its operating earnings by at least 20%.
Both companies management are expressing their satisfaction regarding the agreement, which will strengthen both groups in the health and beauty sectors in Greece as well as abroad.
The acquisition of the additional percentage is pending the approval of the Hellenic Competition Commission. The total value of the above transaction amounts to EUR 198,666,667. Following the completion of the transfer of the additional percentage, ALAPIS SA will own a total of 99.3% of the Company's share capital. The said acquisition does not include the activities of the foreign subsidiaries as well as certain of the international activities of PNG GEROLYMATOS SA.
PNG GEROLYMATOS SA current management, which has decisively contributed to the Company's growth so far, will continue to offer its services to the company, contributing in this way to its further expansion and dynamics. The Company employs 1,100 persons, fully trained and able to support and satisfy the requirements and the expectations of its partners and those of ALAPIS SA. Within the framework of the above agreement, the founder of PNG GEROLYMATOS SA, Mr. Panagiotis Gerolymatos, will remain as Chairman of the Board of Directors of PNG GEROLYMATOS SA , while Mr. Nikolaos Gerolymatos will remain as Vice- Chairman of the Board of Directors of the Company.
PNG GEROLYMATOS SA Group distributes, represents and manufactures a broad range of health and beauty products. By maintaining joint ventures and strategic alliances with large scale international companies and by representing a broad range of products with the exclusive rights to distribute, Group PNG GEROLYMATOS SA offers Logistics and Facon services. Group PNG GEROLYMATOS SA consists of the following business units: Pharmaceuticals, Cosmetics, OTC, Diagnostics, Veterinary, Broad Distribution Products, GEROLFARM pharmaceutical wholesaling and Services (Logistics and Facon).
During 2007 PNG GEROLYMATOS SA Group reported sales of EUR 225.7 million, earnings before interest, tax and depreciation (EBITDA) of EUR 26.6 million and pretax earnings of EUR 15.2 million. During fiscal year 2008 Group PNG GEROLYMATOS SA is expected to report organic growth of its turnover, of its EBITDA as well as of its operating earnings by at least 20%.
Both companies management are expressing their satisfaction regarding the agreement, which will strengthen both groups in the health and beauty sectors in Greece as well as abroad.