CPI's stake in Globalworth expands to 16.8%

CPI Property Group has acquired 23,734,670 shares in the company Globalworth from Ioannis Papalekas, one of the founders and directors of the company. CPI purchased the shares by acquiring Papalekas's company Zakiono Enterprises in a deal that included 10.7 percent of the voting rights in Globalworth. CPI now controls over 37 million shares in the company and 16.8 percent of voting rights. Papalekas is expected to continue to lead Globalworth in the mid-term. "CPI Property Group has complete faith in the Globalworth team," said the company's financial diretor David Greenbaum. "In addition, we see a number of similarities in the operational strategies of the two groups." In a statement, CPI claimed that in view of its current financial rating and capital structure its aim was not to launch a takeover bid in the near future.