Ermes Department Stores, part of the Shacolas Group of Companies, has sold its 50% share in CTC-ARI, the company operating retail shops at Larnaca and Paphos airports, to the ARI Group for €54 million.
According to an announcement released by the Shacolas Group on Friday, the deal which was agreed on Thursday night, will give DAA-owned ARI Group full control of retail operations at the two Cyprus airports.
“This investment has matured and is providing important profits for Ermes. We would like to inform the shareholders and investors that as a result of this transaction, there will be significant profits in 2014 for the company and by extension the holding company Cyprus Trading Corporation Plc,” the announcement read.
It is also noted that the Shacolas Group will remain the biggest Cypriot shareholder in Hermes Airports Ltd through Cyprus Trading Corporation Plc, while CTC CEO Nicos Shacolas will remain lifelong honorary chairman at Hermes Airports Ltd.
ARI Chief Executive Jack MacGowan said: “We are extremely pleased to have the opportunity to add substantially to our shareholding in this valued concession in Cyprus, which will contribute immediately to ARI’s profits.”