Strategic Cooperation of Teleunicom – Globalsat Group of Companies with Audiovisual
KRISTELCOM Group of Companies that operates in Greece and Cyprus market through its 100% subsidiaries Teleunicom and Globalsat, has entered into a strategic partnership with AUDIOVISUAL (Audio and Video Enterprises SA).
More specifically, AUDIO VISUAL and its 100% subsidiary, “International Gaming and Energy SA” (IGE), signed with the Cypriot company “BP COMMUNICATION LTD” an agreement to acquire 50.01% of the shares of the Cypriot company “KRISTELCOM LIMITED” and 100% of the shares of the Cypriot company with the name KRISTELCOM INVESTMENT LIMITED. With this agreement AUDIO VISUAL that is a Company of Vardinogiannis Group’s shareholders’ interests, enters the rapidly evolving field of mobile telephony and technology.
Teleunicom and Globalsat are a group of companies that distribute technology products, home appliances and office automation. More specifically, they are active in the distribution of mobile telephony and IT products, as well as small domestic appliances, video and audio devices.
Both companies cooperate, in most cases, exclusively with the largest manufacturers of technology products whose products distribute in the Greek and Cypriot market through their network of associates. Indicative brands that KRISTELCOM group represents are: Samsung, Huawei, Sony, Lenovo, Celly, Sencor, Lamart, Yenkee, Fieldman, Sage and others.
The annual turnover of KRISTELCOM Group for the year 2018 amounted to approximately EUR 120 million, while EBITDA was at approximately EUR 4 million. The Group has zero exposure to bank debt.
Mr. Apostolos Voulgaris, CEO of “AUDIO VISUAL ENTERPRISES SA”, stated regarding the new partnership: “We are very happy to welcome KRISTELCOM to our Group. KRISTELCOM’s over 20 years of experience in the telecommunications’ field in Greece and Cyprus, the commercial and technological expertise of its executives as well as the high level of support of that provides to its customers and partners have only had a positive effect on the markets where it operates, leading the top telecommunication operators and major electric and technology retail chains to trust it and work together. With this partnership, our Group succeeds substantially improving its size and activities, and in particular on a fully diversified product base. The new entity’s action plan aims to improve the Group’s profitability margins and increase its operating results for the benefit of its shareholders.“
The President of Teleunicom and Globalsat Group of Companies, Mr. Athanasios Bakopoulos, warmly welcomes the new agreement, stating: “We are very proud of this agreement as it culminates in the outstanding work that has been done in the Group over the years, as well as of its outcomes, even in the midst of the difficult period of crisis the country has went through. This new collaboration brings great prospects for growth and aims to further strengthen the position of Teleunicom and Globalsat on the markets that operate in Greece and Cyprus. The synergies that will emerge in general with the above companies and the intimate Group are large and multilevel. Our goal was, is and will be the growth of our companies, so I am sure that under this new cooperation we will not only continue our dynamic growth, but we will also achieve even more impressive results“.
Final transfers of the above shares are expected to fulfill within the next three months, upon completion of the relevant procedures.