articles | 21 February 2014

Ermes sells 25% stake in airport F&B ops

Ermes Department Stores Plc announces that it has sold 25.01% of its stake in food and beverage operations in Larnaca and Paphos airports to Aer Rianta International (Middle East).

The sale went through in January 2014, for the amount €3.13 million, the company said. “The Board of Directors of Ermes Department Stores Plc has considered that the investment in Cyprus Airports (F&B) Ltd has matured, and that the transaction is to benefit of Ermes Group resulting in a net profit of €2,108,000. Furthermore, the completion of this transaction benefits the financial results of Ermes Group,” a company statement said.

The initial investment took place in May 2007 with the acquisition of the 50% of CTC-ARI (F&B) Ltd, which holds 50.02% in Cyprus Airports (F&B) Ltd. Aer Rianta International (Middle East) WLL, already participating in this activity, will now hold the 50.02% of Cyprus Airports (F&B) Ltd. The transaction was completed following the approval from the Commission for the Protection of Competition and from Hermes Airports Ltd.

Source: Cyprus Mail

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