IN BRIEF: DCI Advisors secures EUR3.5 million from Cyprus land sale
DCI Advisors Ltd - British Virgin Islands-based investor in residential resorts in Greece and Cyprus - Completes the sale of 24 plots of land situated at Apollo Heights, in Paramali, Cyprus for the previously agreed sale prices. Notes that following a EUR1.1 million payment in capital gains taxes relating to the sale transaction, it receives net sale proceeds of EUR3.5 million. Says the proceeds are earmarked to repay some outstanding shareholder loans, trade creditors as well as for general working capital purposes. Notes that EUR2.3 million was received previously by the company in July following the inking of the contracts. Adds that completion of the sale of the three remaining land plots for the price of EUR700,000 will proceed, "pending the final tax clearances and completion of other corporate actions." Read More