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