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Financial Mirror (Cyprus) - - FRONT PAGE -

Ermes Depart­ment Stores Plc., the re­tail op­er­at­ing arm of the Sha­co­las Group, has agreed to sell its 50% stake in the air­ports shops op­er­a­tor CTC-ARI Hold­ings to joint ven­ture part­ner Aer Rianta In­ter­na­tional for EUR 55.7 mln. CTC-ARI Hold­ings is the owner of CTC-ARI (Air­ports) Ltd., op­er­a­tor of commercial shops in both Lar­naca and Paphos air­ports up un­til May 2031.

The Sha­co­las Group said in an an­nounce­ment sent to the Cyprus Stock Ex­change that the sale was de­cided as the in­vest­ment had ma­tured and would re­turn a good profit to Ermes, with a sig­nif­i­cant boost to 2014 prof­itabil­ity for the par­ent com­pany Cyprus Trad­ing Cor­po­ra­tion Plc. Ac­cord­ing to the same an­nounce­ment, Aer Rianta’s par­ent Dublin Air­port Author­ity has asked that the Cypriot re­tail gi­ant’s chair­man, Ni­cos Sha­co­las, re­main in­volved with CTC-ARI ac­tiv­i­ties and con­tinue to serve as a good­will am­bas­sador for the brand.

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