CLR show their hand

By Athena Karsera

Set to hit the Cyprus Stock Exchange on September 14, CLR Investment Fund highlighted their current activities and future plans at a press conference yesterday.

With a capital base of £144 million and having elected to be listed under the category of ‘Other Companies,’ CLR will be offering an exclusive allocation of a minimum of £7.5 million shares from the Initial Placement Offering of CLR Financial Services to the shareholders of CLR Investment Fund. There will also be an acquisition of £7.5 million in private placement in CLR Financial Services.

According to CLR Investment Fund’s General Manager George Mouskides, “From the very beginning, our strategy was in line with a listing in the ‘Other Companies’ sector.” He said that this allowed CLR to invest in companies that are not listed in the CSE and meant a more flexible investment policy, diversifying investment risk and created conditions for increased profitability, “As we expect recurring and significant gains from our investments in private equity, in the capital of private companies.”

Company director Neoclis Nicolaou said that in addition to the investments and commitments made in individual companies, CLR also took part in a number of specialised investment funds, “This includes a Technology Fund of an initial size of £10 million and a Shipping Fund with an initial size of £25 million.”

On his part, private equity/venture capital sector head Christoforos Antoniades, said that CLR’s equity participations and commitment for investments to date amounted to £52 million distributed over 25 investee companies in the tourism, technology, shipping, retail trade, pharmaceutical and energy sectors to name a few.

He continued, “The largest part of the portfolio includes investments made in companies that are already profitable and show substantial growth potential, factors that suggest high returns for the portfolio.”

Adding that the portfolio was also diversified to minimise risk, Antoniades said that the quality of the management team also played a significant role, “The team is comprised of specialists in private equity/venture capital, finance, technology, shipping etc.”

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.