Balram Chainrai has acquired 2.67 per cent of Agros Development Company ‘Proodos’ Public Ltd, the owner of the Rodon hotel in Agros, purchasing 95,974 shares at €3 each, according to an announcement on the Cyprus Stock Exchange.

Chainrai now plans a public offer to acquire up to 100 per cent of the company.

Chainrai, a Hong Kong-born businessman, heads Hornington Enterprises Limited and the Chainrai Group, with ventures spanning electronics, trade finance, and real estate.

Fluent in Cantonese, English, and Sindhi, he has pioneered trading offices in Moscow and Kiev and expanded into sectors like solar power, entertainment, and hospitality.

Known for acquiring Portsmouth Football Club, then a Premier League team, he has also made significant contributions to Cyprus’ economy through personal investments and fostering ties with Chinese entrepreneurs.

On December 10, he announced a voluntary public offer to acquire Agros’ full share capital at €3 per share, payable in cash.

The offer requires securing over 50 per cent of voting rights to succeed, with no provision for accepting lower percentages.

Should the offer exceed 90 per cent of Agros’ share capital but fail to meet Article 36 requirements, a squeeze-out will not occur.

Prudens Limited advises Chainrai on the transaction, while the Cyprus Stock Exchange adjusted fluctuation limits to facilitate trades at the offer price.

The full terms will be outlined in a public offer document, subject to Cyprus Securities and Exchange Commission (CySEC) approval.