Shacolas Group subsidiary, Ermes Department Stores Plc, announced that it has sold its 25.01% stake in the airports catering company Cyprus Airports (F&B) Ltd., to its operating partner Air Rianta International (Middle East) WLL.
Following the deal valued at €3.125.000, ARI will now be in full control of the company that operates all catering and franchises within Larnaca and Paphos airports, with a 50.02% stake.
Cyprus Airports (F&B) is the exclusive food and beverage operator at both airports operated by Hermes Airports Ltd., in which the Shacolas Group has another minority share.
The company said that the sale will strengthen Ermes’ liquidity position and results for 2014.
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