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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.