Cyprus Ministry approves Paphos Marina contract

The Cyprus Ministry of Commerce, Industry and Trade awarded the construction of the Paphos marina contract to the consortium made up of Cybarco, Francoudi & Stephanou, Leptos Group (via Pandora Investments PND.CY) and J&P Avax, J&P, Cads Holdings and Athena.

Under the terms of the agreement, the marina will be managed by the joint venture for a
period of 90 years, with the annual lease reaching EUR 3.8mln (received by the State). The marina, which will be constructed at Kissonerga (Paphos district) is estimated to cost EUR 64mln (excluding other development projects nearby) and will be completed in 4
years.