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Board decisions on Orphanides

2013-10-01

The Board of Directors of Alkis H. Hadjikyriacos (Frou-Frou Biscuits) Public Ltd, at an extraordinary meeting held on October 8, 2013 at 4.00 pm, discussed the developments on the sale of part of the assets of Orphanides Public Ltd by its liquidators in order to pay its debts to the creditors and examined the pendency in relation to the debts of Orphanides Public Ltd to the Company. The Board of Directors, since the Company is shareholder not only in Orphanides Public Ltd but also in Bank of Cyprus Public Ltd and Marfin Popular Bank Public Co Ltd and since Orphanides Public Ltd owes significant amounts to the Group, decided to request by the Cyprus Stock Exchange and the Cyprus Securities and Exchange Commission to release information on those sales for transparency purposes. Specifically, they requested the release of information on the values in which these assets are presented in the financial statements of Orphanides Public Ltd on 31/12/12 (Net Book Value) and the price that have been sold by the liquidators, their commission and the expenses charged to the Company.