Ermes Department Stores Plc announced that it has sold 25.01 per cent of its stake in food and beverage operations in Larnaca and Paphos airports to Aer Rianta International (Middle East). The sale went through last month for the amount €3.13 million, the company said on Friday.
“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 per cent of CTC-ARI (F&B) Ltd, which holds 50.02 per cent in Cyprus Airports (F&B) Ltd. Aer Rianta International (Middle East) WLL, already participating in this activity, will now hold the 50.02 per cent 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.