NICOSIA -- Ermes Department Stores, a member of the Shacolas group, said on Friday it has sold its 25.01% stake in catering establishments at Larnaca and Paphos airport for €3.12 million to Aer Rianta International.
In a statement on the CSE in line with stock exchange regulations, the company announced conclusion of a preliminary agreement with Aer Rianta International (Middle East) WLL.
It said it had sold its 25.01% interest in Cyprus Airports (F&B) Ltd for €3,125,000. “The price represents the value of the investment of Ermes in Cyprus Airports (F&B) Ltd, which manages the food and beverage operations in Larnaca and Paphos Airports, under an agreement with Hermes Airports Ltd,” it said.
Ermes Department Stores made a net profit of €2,108,000 from the deal.
The initial investment was made in May 2007 with the acquisition of 50% of CTC-ARI (F&B) Ltd, which holds 50.02% in Cyprus Airports (F&B) Ltd. Aer Rianta International (Middle East) WLL, will now hold the 50.02% of Cyprus Airports (F&B) Ltd.
The agreement was approved by the Commission for the Protection of Competition and Hermes Airports.