Technical Olympic is proceeding, through its subsidiary TO Romania Ltd, with the acquisition of an indirect stake in a large land area at Lake Tei in Bucharest. The transaction, amounting to 8.76 million euros, concerns the purchase of 30% of Linam Ventures Ltd from companies linked to Georgios and Andreas Steggou and has been approved by the board of directors as fair and reasonable, based on an independent report by an audit firm.
In detail, as stated in an announcement to the Stock Exchange, the company under the name “Technical Olympic S.A.” (hereinafter the “Company”) informs the investing public that its indirect subsidiary, the Cypriot company under the name “TO Romania Ltd”, is going to enter into a transaction with related parties of the Company and specifically with companies controlled by Messrs. Georgios and Andreas Steggou.
The subject of the transaction will be the purchase by “TO Romania Ltd” of a total of 30% of the shares of the Cypriot company under the name “Linam Ventures Ltd”. The latter controls 100% of the Romanian company under the name “Linam Investments SRL”, which owns a real estate area of 32,056 sq.m. in the Tei Lake area of Bucharest, Romania. The value of the transaction amounts to 8,760,079 euros.
This transaction was approved, for reasons of transparency, by the Company's Board of Directors pursuant to its decision dated 29 June 2026.
The above decision of the Company's Board of Directors was based on the report dated 28 June 2026 of the audit firm APC Audit Tax Advisory Limited, according to which the terms of the intended transaction are considered fair and reasonable. The signing of the relevant agreement is expected to take place shortly.
The Company will keep the investing public informed of any significant development on the matter that gives rise to a disclosure obligation.