Cyprus Trading Corporation announces mandatory takeover bid for Ermes Department Stores

Cyprus Trading Corporation (CTC) has launched a mandatory takeover bid to acquire up to 100% of the issued share capital of Ermes Department Stores Plc. This move follows CTC's acquisition of 17.5 million additional shares, or 10.029% of Ermes, from Department Stores Realisations Limited for €127,758.43 at €0.0073 per share. Prior to this purchase, CTC held 67.186% of Ermes, reaching 77.215% post-transaction. CTC is offering €0.014 per share in cash to shareholders. The company confirmed it is securing necessary funds via a Cyprus credit institution and awaits approval from the Cyprus Securities and Exchange Commission (CySEC). Consequently, the Cyprus Stock Exchange suspended trading of both CTC and Ermes shares until 11:30 a.m. to ensure orderly market information. This suspension was enacted under Article 183 of the Cyprus Securities and Stock Exchange Law to protect investors. The mandatory bid itself was triggered by Article 13 of the relevant legislation following the threshold increase.