Cyprus Business Now

The Cyprus Chamber of Commerce and Industry on Tuesday announced that Winecore, a group of 15 Cypriot wineries, held its first wine dinner on April 26 at the Dionysus Mansion restaurant in Limassol.

The event, attended by key government officials, wine enthusiasts, winemakers, and representatives of beverage distribution companies, was aimed at celebrating the heritage of the Cypriot winemaking sector and its evolution.

“The Cypriot winemaking industry has a long history of producing unique and exceptional wines,” the announcement said.

Moreover, according to the statement, during the event, 26 wines from Winecore wineries were served, including local varieties such as Xynisteri, Vasilissa, Promara, Giannoudi, Maratheftiko, Mavro, and Koumandaria. The wines were accompanied by Mediterranean dishes, highlighting the flavours of the island’s rich culinary tradition.

Marcos Zambartas, the president of Winecore, spoke about the group’s mission, saying that “Winecore seeks, through the experience of the wines it offers, to define Cyprus in the minds of wine lovers of the island and the world as a rare and exceptional vineyard.”

The event was attended by the Minister of Energy, Trade, and Industry George Papanastasiou, the Deputy Mayor of Limassol Neophytos Charalambides, and the General Secretary of the Cyprus Chamber of Commerce and Industry Marios Tsiakkis. Other local and state officials were also in attendance.

The state’s Commission for the Protection of Competition (CPC) on Tuesday announced that it has received a merger notification concerning the acquisition of Gialletto Ltd’s share capital by Hellenic Healthcare Holding Single Member S.A. through Lemgo Ltd.

According to the announcement, the transaction is to be carried out by Lemgo Ltd, which is a limited liability company established to act as an acquisition vehicle.

Hellenic Healthcare Holding Single Member S.A. is a Greek-registered company and part of CVC Capital’s Portfolio Companies.

The Hellenic Healthcare Group is a well-known entity in the private health sector, having already acquired Apollonian Private Hospital and Aretaiio in Nicosia.

The acquired company, Gialletto Ltd, provides radiology and related services, and is a limited liability company registered in Cyprus.

It is yet to be seen what impact this merger will have on the healthcare sector and the public’s access to radiology services.

The commission will carefully consider the impact on the market and competition to ensure that consumers’ interests are not negatively affected by the acquisition.

In October 2022, CPC official Maria Michael told lawmakers that the competition watchdog is looking at various parameters in terms of coming to a decision in the case of such deals.

These include what specific market is in play, whether the healthcare market in Nicosia should be seen in isolation from other districts, and what overall share of the market the investment fund would end up controlling were it to make the acquisition.

She added that the commission has the authority to insert safeguards in acquisition deals in the private sector or to outright deny a takeover if it deems a buyout might lead to excessive concentration of any market.

The Cyprus Stock Exchange (CSE) ended Tuesday, May 2 with losses.

The general Cyprus Stock Market Index was at 106.57 points at 13:58 during the day, reflecting a decrease of 0.16 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.45 points, representing a drop of 0.14 per cent.

The total value of transactions came up to €141,685.

In terms of the sub-indexes, the main, hotels, and investment firm indexes fell by 0.36 per cent, 1.05 per cent and 0.92 per cent respectively. The alternative index rose by 0.39 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.81 per cent), Demetra (-0.97 per cent), Logicom (no change), Louis (+3.11 per cent), Blue Island (+5.95 per cent), and Pandora (+9.55 per cent).