SATURDAY, 20 JAN 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Uber Co-Founder Travis Kalanick Officially a Billionaire

Markos Kashiouris: IronFX Enters into $100M Agreement with Middle East Investor

IMH LTD
MTN_07/07-10/04_468x60px

BUSINESS

brought to you by Deloitte

Morgan Stanley and Chinese Profex to Acquire Majority Share in Korres through Cypriot Nissos Holdings

Morgan Stanley and Chinese Profex to Acquire Majority Share in Korres through Cypriot Nissos Holdings

US investment fund Morgan Stanley and Chinese company Profex have agreed to acquire majority share in leading Greek natural cosmetics producer Korres for €48.3 million ($58 million), the three companies announced.

Morgan Stanley, through its investment fund North Haven Private Equity Asia (NHPEA) Maiden Holding B.V., has agreed to acquire 56% shares of Korres, while Profex, a pioneering dermatology and skincare company in China, will acquire 14%. NHPEA and Profex will subscribe for cash for a total of €48.3 million.

According to Deal Street Asia, the transaction will be made through Cyprus-based company Nissos Holdings, founded by Korres last March. Nissos will buy out 52.3% of the Korres shares, of which 6.6% belongs to company founder Giorgos Korres and 45.7% percent to other stakeholders.

Profex’s investment in Korres will give the leading Greek natural cosmetics producer access to the Chinese dermatology and skincare market, where Profex holds a leadership position.

Profex and Korres also agreed to enter into an exclusive license and supply agreement for Profex to distribute Korres products not only in mainland China, but also in Hong Kong and Macau, according to the announcement.

When the deal is completed, Nissos is expected to implement a €10 million ($11.08 million) capital increase to fund the future expansion of the Korres group.

 

MORE ON BUSINESS

FIFA World Cup™ Trophy Tour by Coca-Cola to Arrive in Cyprus for the First Time

The fourth FIFA World Cup™ Trophy Tour by Coca-Cola will arrive in Nicosia on 16th ...

Applications for Registration of New Companies Increase in 2017

The number of applications for the registration of new companies in Cyprus increased for ...

Demetriades: Cyprus Has Taken Important Steps in the Past Five Years in the Aviation Industry

Transport, Communications and Works Minister Marios Demetriades said that Cyprus has ...

FROM AROUND GOLDNEWS

   

HSBC to Pay $101.5m to Settle Currency Rigging Probe

HSBC has agreed to pay $101.1m (£72.7m) to settle a US criminal investigation into rigged currency transactions. The bank has admitted its traders ...
   

Markos Kashiouris: IronFX Enters into $100M Agreement with Middle East Investor

IronFX has changed the name of its registered company in Cyprus, to Notesco Financial Services, after the brokerage signed a deal for a significant investment ...
   

Macron: UK Must Pay Into Budget to Keep Banks’ EU Access

Britain must pay into the European Union budget and accept the jurisdiction of EU courts if it wants its banks to keep full access to the bloc’s markets ...
   

South Korean Group Files Complaint against Apple CEO over iPhone Slowdown

A South Korean consumer group has filed a criminal complaint against Apple Inc CEO Tim Cook over slower iPhone devices, after probes in Europe into allegations ...
   

House Prices up by 4.1% in the Euro Area

House prices, as measured by the House Price Index, rose by 4.1% in the euro area and by 4.6% in the EU in the third quarter of 2017 compared with the same ...
   

IN Business Awards 2017: The Winners

The IN Business Awards 2017 ceremony took place at the Hilton Park Hotel, Nicosia, on January 18, attended by business leaders, industry giants, small ...
   

GOLD Magazine: That’s Entertainment!

In Cyprus, most people’s idea of a good night out means going to a restaurant or bar while the number of cafes opening in all towns in recent years has ...
   

Banking Union: First Progress Report on the Tackling of NPLs

The European Commission has welcomed the headway made in tackling non-performing loans (NPLs) in the EU as part of ongoing work at the national and EU level to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD