Shacolas to resign as Chairman of Woolworth

At the board meeting of Woolworth (Cyprus) Properties Public Ltd held on January 30, 2007, the Executive Chairman Nicos K. Shacolas announced to the members of the Board of Directors his decision to resign from the position of the company’s chairman, due to excessive pressure of work.

Shacolas has increased obligations after the undertaking of Hermes Airports Ltd of Larnaca’s and Paphos’ airports , where he is holding the position of Chairman. Shacolas is also the Chairman of CTC – ARI Airports Ltd, which has undertaken the management of the trading activities of the two airports.
As it is known, Shacolas is the Executive Chairman of CTC, while his obligations are also extended in the remainder activities of Shacolas Group and in the major developments with the golf course in the Limni-Polis Chrysochou area, from the Cyprus Limni Resorts and GolfCourses Plc, the Shacolas Emporium Park and the Engomis Market at Nicosia.
For the reasons stated above, Mr. Shacolas decided that the position of chairman has to be assigned to one of the other Board members.
Shacolas suggested for appointment as new Chairman of Woolworth (Cyprus) Properties Public Ltd, the Deputy Chairman, Renos Solomides, and the Board of Directors accepted this proposal unanimously.

Solomides, well known economist and former Minister of Finance, has served as Chairman of the Cyprus Development Bank , as OEV Chairman and as Chairman of some Public and Private Companies.
The appointment of the new chairman of Woolworth will take place during the next shareholders’ meeting, on May 2007. Shacolas will continue as board member of Woolworth (Cyprus) Properties Public Ltd and also as Chairman of the Management Commitee. Its members include Nicos Shacolas, Renos Solomides, Marios Ν. Shacolas,
Demetris Demetriou, Menelaos Κ. Shacolas, Marios Panayides and Eleni Ν. Shacola.

 

Positive results

The Board of Directors of Woolworth (Cyprus) Properties Pcl (FWW) will convene towards the end of February 2007 to examine its preliminary 2006 results. The Company issued a positive profit warning regarding its 2006 results, which are expected significantly improved compared to its 2005 results on the back of increased revenue as a result of agreements drafted with Groupe Carrefour, for the inclusion of a Carrefour supermarket on completion of the Shacolas Emporium Park and the Engomi Park and the increase in FWW’s share of profit from associated companies.

In 9M06 the Company posted a net profit of CYP 2.8 mln yielding an EPS of 2.9 cent (EUR 0.05), while in 2005 FWW’s net profit amounted to CYP 2.3 mln (EUR3.9 mln).