Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd announces that today, 06/02/2015, the subsidiary Handy Snacks Ltd completed the agreements with Thamira Food Manufacturers Ltd for the acquisition of the operations, properties and brands & trademarks of the industrial production of Bakandys products and Bio Greenlife organic food as well other related food import representations of the Company.
The acquisition is expected to affect positively the turnover and profitability of Frou-Frou, however, the prevailing uncertainty of the Cyprus economy does not allow safe sales and profitability forecasts at the current stage.
The acquisition price has been paid both in cash and the assumption of liabilities of Thamira Food Manufacturers Ltd and amounts to €2.285 million.
The acquisition will be financed by a new short-term loan (40%) and equity (60%) of Frou-Frou Group.
The acquisition price includes goodwill of €1.185.0000.
The acquisition falls within the framework of the development strategy of Frou-Frou Group, which aims to add to the productive activities of the Group recognized Cypriot food brands that stand out for their superior quality, awareness and preference by the Cypriot consumers.