A businessman from Hong Kong has revealed his intention to launch a voluntary public takeover bid for up to 100% of Agros Development, the company that owns Rodon Hotel, aiming for at least 76% ownership.

Balram Chainrai, with investments in real estate and hospitality, has reached out to the board of directors and key shareholders of Agros Development to present his proposal, as outlined in a statement submitted to the Cyprus Stock Exchange.

The offer values Agros Development at €12.6 million, or €3.50 per share, reflecting a 186.9% premium over the company’s last traded price. Chainrai also mentioned that the price could be revised following due diligence.

The bid is contingent upon securing irrevocable commitments from the major shareholders, ensuring Chainrai acquires at least 76% of the company, according to the statement.

Agros Development has 3,590,215 issued shares, each with a nominal value of €1.71. The takeover process, including legal, financial, and technical evaluations, is expected to be completed within 30 days.