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Cyprus’ KEO sells prime Paphos land to developers March 26, 2008

Posted by grhomeboy in Business & Economy.
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Cyprus’ KEO Group has sold prime land at the Tombs of the Kings in Paphos for 66 million euros to a joint venture of Athienitis and Aristo Developers, according to reports from Cypriot media.

According to the reports, development of the land will be uniform though two-pronged. Commercial development will be handled by Athienitis, while Aristo Developers will be responsible for housing construction. The media noted that a large French company had already shown interest in making use of the planned shopping centre to be built on the land.

KEO, a listed company on the Cyprus Stock Exchange, had invited public bids for the 46,200 square metres of prime real estate last month, setting a minimum bid of 60 million euros. The 66 million euros reported purchase was not announced on the CSE website yesterday, while the Group’s Directors were unavailable for comment. A representative of Athienitis refused to confirm or deny the deal, saying it was the responsibility of the seller to announce any agreement, not the buyer.

It was also reported that proceeds from the sale of the plot would go towards transferring KEO’s existing plant in Limassol to another place, while helping to fund other strategic targets, including the opening of a new brewery, the construction of new central storage spaces and technological upgrades to its plant.

According to stockwatch.com.cy, KEO enjoyed profits of 738,000 euro in the first half of 2007 against losses of 5.5 million in the corresponding period of 2006, while turnover recorded an increase of 7.7 per cent to 28.6 million. KEO has a 40 per cent market share in the beer sector.

Related Links > http://www.keogroup.com/site.en.html

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