It is estimated that the company resulting from the merger of Intracom Properties (subsidiary of Intracom Holdings of the S. Kokkalis Group) and I. Kloukinas – I. will have properties worth 121.3 million and annual rental income of 7 million euros . (KLM) with the absorption of the first by the second (company listed on the XAA).
According to the Information Memorandum for the indirect listing of Intracom Properties on the Athens Stock Exchange, released yesterday, the main activities of the company resulting from the merger will be real estate and insurance since the acquisition of Europa Insurance was agreed, although its final name will be Europa Holdings.
The completion of the Merger is scheduled for 11/15/2024 and is subject to the approval of the general meetings of the two companies – KLM and Intracom Properties – which will take place at the beginning of November, as well as subject to all other statutory approvals. and authorizations.
The boards of directors of the merged companies proposed an exchange ratio of Intracom Properties shares equal to 1 share for 0.9301042961 new KLM shares while KLM shareholders will keep the number of shares they own in Intracom Properties unchanged.
In the new company, which, as mentioned above, will be called Europa Holdings, Intracom Holding will hold 66.364% of its share capital, while Green Hydepark Investments LIM, which is 100% controlled by shipowner Giorgos Mundreas, will hold 8.498%. The general investing public will have a tax rate of 25.138%.
As also mentioned in the Kokkalis Group management newsletter, through the merger, the substantial expansion and strengthening of Intracom Properties’ real estate portfolio is expected, with its development in strategic market sectors. This will lead to a significant improvement in your net worth and profitability, ensuring the strengthening of your capital and flexibility in your future investment strategies.
The objective is to further strengthen your real estate investment portfolio.
The acquisition of “Europe Insurance”
However, as decided, negotiations to complete the acquisition of Europa Insurance will be continued by the new company in order to simplify the process and facilitate the transaction.
It is recalled that Intracom Properties signed on 29.05.2024 a binding Framework Memorandum of Agreement with Nikolaos Makropoulos, sole shareholder of Europa Insurance for the acquisition of the insurance company.
After the completion of this transaction, the new company that will result from the merger of Intracom Properties and KLM will also enter the insurance services sector, namely general insurance, but also guarantees and construction insurance.
Europe Insurance is currently licensed for all lines of general insurance, but its main activity focuses on the real estate sector, where it specializes in insuring major industrial, commercial and financial risks and in the transport insurance sector. At the same time, the motor third party liability insurance sector has also recently been developing.