Subject: Notification of significant change in shareholding pursuant to Law 3556/2007
Titan Cement Company S.A. (the “Company” or “TITAN” ) announces pursuant to Law 3556/2007 and after the relevant notification it received on 18 and 19 July 2019 from the Belgian société anonyme Titan Cement International S.A. (“TCI”) and from TCI’s founders and sole shareholders, Andreas Canellopoulos, Leonidas Kanellopoulos, Nellos – Panagiotis Canellopoulos, Takis – Panagiotis Canellopoulos, Pavlos Kanellopoulos, Dimitris Papalexopoulos, Alexandra Papalexopoulou and Eleni Papalexopoulou (the "Founders") that:
On 17 July 2019, the acceptance period of the voluntary tender (the “Tender Offer”) that TCI has made to acquire all TITAN ordinary and preference shares that TCI did not hold, directly or indirectly, in accordance with Law 3461/2006 and as set out in the Tender Offer information circular of TCI, was ended.
On 18 July 2019, TCI announced the results of the Tender Offer, pursuant to which the minimum acceptance condition to which the Tender Offer was subject was fully satisfied. On the same date, TCI and Alpha Bank, acting on behalf of the holders of the tendered TITAN shares, including the TITAN shares held by the Founders, entered into an off-the-exchange transfer agreement for the transfer of such shares to TCI. Moreover, with the end of the acceptance period of the Tender Offer, the Founders have ceased to act in concert among themselves and TCI with respect to the Tender Offer.
As a result of all the above, as at 18 July 2019, the percentage of the voting rights (i) that TCI holds in the Company increased to approximately 93% from approximately 22.49% on 16 April 2019, and (ii) that the Founders held in the Company has fallen to zero (0%) from approximately 22.49% on 16th April 2019.