CIC takes over Fiat agency in Cyprus

Cyprus Information Technology, a subsidiary of Cyprus Import Corporation, the authorised agents of Mercedes and Smart cars in Cyprus have proceeded with a takeover of D I Demades & Sons, distributors of Fiat, Lancia and Alfa Romeo cars in Cyprus, for EUR 8 mln.
The deal, which was sealed on December 22, does not include DJ Demades, which owns the real estate holdings of the Group. The acquisition is subject to the approval by the Competition Commission, in view of the fact that CIC will control about 12% of the share of car sales (7% plus 5% acquired from the Demades deal).