Extraordinary General Meeting of Shareholders will be held on September 24, 2018 by Tsokkos Hotels for consideration and approval of resolutions related to the financing of the construction of the new hotel unit, "Chrysomare Hotel", as well as the development of land in Ayia Napa owned by its subsidiary Tsokkos Group, Rock Amour Estate Company Ltd.
The Board of Directors of Tsokkos has examined the land market, which is located and / or adjacent to an area in which the company already owns other properties and / or hotel units and is offered for development and exploitation.
A statement from HAK said that the purchase of the land was proposed by Vikarta Ltd, a subsidiary of MC (Greece Accomodation Direct) and Anastasia Tsokkou Estates, owned by Anastasia. Tsokkou.
The company clarifies that the proposed purchase falls within the legal provisions of the CSE in relation to the company's transactions with affiliated persons and / or its management as Anastasia Tsokkou holds the position of CEO, secretary and main shareholder of the company.
The total price of the proposed market is € 33,5 million.
It is also emphasized that in order to implement these plans of Tsokkos, negotiations were promoted for the revision of the existing credit facilities of the company and its subsidiaries with the Bank of Cyprus, in order to increase and / or provide additional credit facilities.
New loan of € 58 million.
It is noted that the company and its affiliates maintain credit facilities amounting to € 178,285,500 by agreement, which was concluded at the end of 2015 with the Bank of Cyprus, providing financing and repayment of various loans and overdrafts, donations of the company and its affiliates. as well as the granting of joint collateral, such as mortgages, corporate guarantees, personal guarantees and stock securing.
Under the revised facility agreement between the company and the Bank, the new financing amounts to € 24,5 million for the construction of the Chrysomare hotel unit and € 33,5 million for the proposed purchase of land plots.
The proposed plots of land
The list of land plots located in an area in which the company owns other properties and hotels includes a total of seven plots with a total area of 82,914 decimals, of which 61,351 are in the Municipality of Ayia Napa and 21,563 in the Municipality of Sotira. 
Source: InBusiness