12° Nicosia,
23 July, 2024

Demetra Investment acquires 16% stake in Lordos Hotels

Demetra took over 5.6 million shares of Lordos Hotels

Panayiotis Rougalas

Panayiotis Rougalas

Hellenic Bank shareholder Demetra Investment Public Ltd has sold its remaining shares of Tsokkos Hotels and acquired a 16.02% stake in Lordos Hotels.

Demetra took over 5.6 million shares at €0.58 per share and sold 15.5 million shares of Tsokkos Hotels at an average price of €0.20 per share.

For 2017 the investment company announced profits of €1.9 million, a considerable upside from 2016 when the company reported losses of €8.8 million.

Referring to the company’s investment in Hellenic Bank, Demetra Chairman of the Board Andis Skordis expressed his expectation that the investment in the Bank will be ''not just viable but profitable’’.

Dimitra's Chief Executive Officer, Nikos Michailas stressed that the prospects have improved following the takeover of Cyprus Cooperative Bank by Hellenic Bank, ''without of course ignoring the major risks that may arise’’.

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