A Panayides & CHAPO buy Hellenic Mining EME Cyprus

Pharmakas Quarrying, a member of publicly listed A. Panayides Contracting (APC) and Charilaos Apostolides Public Ltd (CHAPO), have jointly acquired the quarrying operations of Hellenic Mining Public Company Ltd (EME) for EUR 13.13 mln in cash.
APC is seen consolidating its position in the market by becoming one of the key players in the supply of quarrying material to the construction industry. The deal is subject to approval by the Price and Competition Commission.
According to geological estimates, EME’s quarry boasts reserves amounting to 25 mln tones. APC and Chapo are forecasting sales of EUR 3.5 mln resulting from EME with profits expected at EUR 350.000.