Technical Olympic is proceeding with the acquisition of a large indirect stake in Lake Tei in Bucharest through its subsidiary TO Romania Ltd. The transaction, valued at 8.76 million euros, involves the purchase of a 30% stake in Linam Ventures Ltd from companies affiliated with Georgios and Andreas Stengos and has been approved by the board of directors as fair and reasonable, based on an independent report by an auditing firm.
Specifically, as stated in an announcement to the Stock Exchange, the company named “Technical Olympic S.A.” (hereinafter the “Company”) informs investors that its indirect subsidiary, the Cypriot company named “TO Romania Ltd,” is set to enter into a transaction with related parties of the Company, specifically with companies controlled by Messrs. Georgios and Andreas Stengos.
The purpose of the transaction will be for “TO Romania Ltd” to purchase a total of 30% of the shares of the Cypriot company named “Linam Ventures Ltd.” The latter wholly owns the Romanian company “Linam Investments SRL,” which owns a 32,056-square-meter plot of land in the Tei Lake area of Bucharest, Romania. The value of the transaction amounts to 8,760,079 euros.
For transparency purposes, this transaction was approved by the Company’s Board of Directors pursuant to its resolution dated June 29, 2026.
The above decision of the Company’s Board of Directors was based on the June 28, 2026, report by the auditing firm APC Audit Tax Advisory Limited, according to which the terms of the proposed transaction are deemed fair and reasonable. The relevant agreement is expected to be signed shortly.
The Company will keep investors informed of any significant developments regarding this matter that give rise to a disclosure obligation.