EVH Investments Limited has formally requested the exercise of the squeeze-out right to acquire the remaining 8.8 per cent of the share capital of Salamis Tours, it emerged on Tuesday.

This follows the successful completion of a public offer, detailed in an announcement on the Cyprus Stock Exchange dated February 24, 2025.

This resulted in EVH Investments Limited securing a 91.1 per cent stake in Salamis Tours (Holdings) Public Limited.

Under the terms of the initial public offer, having surpassed the 90 per cent threshold necessary for a squeeze-out under Section 36 of the Public Takeover Bids Law of 2007 to 2022, E.V.H.  

Investments is now poised to acquire the entirety of Salamis’ shares. The set price for this acquisition is €4.20 per share, consistent with the rate proposed during the public offering.

The procedure for this squeeze-out is scheduled to occur within three months following the end of the tender offer acceptance period.  

EVH communicated to the Cyprus Securities and Exchange Commission (CySEC), as of February 28, 2025, its intention to proceed with this action, aiming to secure the remaining 8.80 per cent of Salamis, equating to 3,217,285 shares.

In January, Salamis Tours provided assurances via a letter to the Director General of the Cyprus Stock Exchange that EVH Investments’ takeover would not detrimentally affect the company’s operations.  

The board of Salamis Tours noted that EVH Investments’ strategic intentions were primarily focused on acquiring control for investment purposes without a foreseeable impact on the broader interests of the company.

They further clarified that there were no plans for restructuring, nor changes to employment policies or operational methodologies post-acquisition, ensuring stability for Salamis’ employees and operations. 

In related news, Salamis Tours announced that its subsidiary, Alasa Shipping Co Ltd, which owns a 55 per cent stake in the merchant vessel Alasa, has entered into a sale agreement with Liberia-based Taysir Shipping Company.

This sale is anticipated to finalise later this month with the vessel’s delivery to the buyer. The transaction is valued at $725,000.