12° Nicosia,
25 September, 2023

KEAN shares sold: New owners to bring fresh ideas and investments

KEAN will continue to operate in a new location in Limassol

Maria Eracleous

Maria Eracleous

In a recent development, the shareholders of KEAN have decided to sell their shares to bbf, a company operating in the field of development projects. The decision was made due to a change in generations, with the new shareholders wanting to detach themselves from the company's affairs. KEAN's CEO, Marios Kasapis, clarified that the sale was not based on the company's financial data, but rather on the desire of the new shareholders.

According to Kasapis, the issue of generational change and the transfer of management to the younger generation is a difficult equation that concerns the majority of family businesses. However, one thing is certain, KEAN will continue to operate as usual.

The agreement between KEAN and bbf will result in a new development in the style of investments in Limassol, where KEAN is currently located. Planning for the relocation of the current facilities will follow after the completion of the agreement in 2023. This development will give bbf a bigger slice of the Limassol property pie.

As for the price at which the shares of KEAN were sold, the CEO stated that it was at market value, but specific details were not provided due to the confidentiality of the process. However, he stressed that the company's customers will not be affected by the sales process and that the new owners will bring new ideas and investments.

This decision marks a significant change for KEAN, as the company will now have new owners with fresh ideas and investments. It will be interesting to see how this change affects KEAN's operations in the future.

Cyprus  |  Limassol  |  economy

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