Hong Kong investor Balram Chainrai has increased his stake in Agros Development Company ‘Proodos’ Public Ltd to 87.85 per cent, the owner of Rodon Hotel, following the successful completion of his public offer to shareholders.

According to an official announcement released this week, the public offer concluded on March 6, 2025, with the total acceptance rate reaching 51.49 per cent of the company’s issued share capital, equivalent to 1,848,764 shares.

In accordance with Article 38 of the Public Takeover Bids Law of 2007 (N.41(I)/2007), as amended, Chainrai confirmed that the acceptance period for his bid to acquire up to 100 per cent of the issued share capital of the company ended on March 6, 2025, and was deemed successful under Article 10(1) of the law.

The acceptance of the offer resulted in Chainrai securing more than 50 per cent of the voting rights of the company.

The total issued share capital of the company consists of 3,590,215 ordinary shares, each with a nominal value of €1.71.

As of January 23, 2025, when the public offer document was approved, Chainrai already directly held 1,269,047 shares, representing 35.35 per cent of the issued share capital and voting rights of the company.

The public offer targeted the remaining 2,321,168 shares, equivalent to 64.65 per cent, not already owned by Chainrai.

Between January 24, 2025, and February 19, 2025, he acquired an additional 36,088 shares, representing 1.01 per cent of the company, at a price of €3.00 per share through stock market transactions.

Following these acquisitions, Chainrai directly held 1,305,135 shares, representing approximately 36.35 per cent of the company’s issued share capital and voting rights.

By the end of the acceptance period, the total acceptance rate had reached 51.49 per cent of the company’s share capital, amounting to 1,848,764 shares.

As a result, Chainrai now holds a total of 3,153,899 shares, representing 87.85 per cent of the company’s issued share capital.

It should be noted that the final acceptance rate may be subject to adjustments if, during the final review of acceptance and transfer forms and accompanying documents, any deficiencies or errors are found, leading to their rejection.

The payment of the cash consideration of €3.00 per share to all public offer acceptors will be made within 21 working days from the announcement of the public offer results in newspapers, with a deadline of April 11, 2025.