The families of Stelios Joannou & George Paraskevaides who were the founders of the well-known J&P construction and developers group in Cyprus, Greece and the Gulf States are going their separate business way also in Cyprus.
Only recently Joannou & Paraskevaides (Overseas) Ltd. (J&P Overseas), the group’s biggest company, was put under special administration because of liquidity issues and substantial damages it has suffered and this sparked a domino of developments.
The two sides (Joannou and Paraskevaides) seem to be trying to divide the Group’s assets and companies they have set together and do not fall under the parent company’s management regime. In full swing is the process of listing all assets and selling them in their bid to attract investment interest.
The latest development is the exit of the Joannou family from the shareholding structure of J&P Limited, the Cypriot company of J&P Overseas group. Insiders said a compromise solution has been reached for the Joannou family to leave the company without a cash payment but with concession of assets instead.
And this means that cash can now be released to go towards pending unpaid wages of employees of J&P Limited and Ten Group, but also towards Social Security dues.
Some of the group’s landmark projects in Cyprus are the power plants at Dhekelia, Moni and Vassilikos, the dams of Kouri, Paleochori-Kambi, Kalavasos and Asprokremmos, the highways of Limassol-Nicosia, Nicosia-Larnaka, Limassol-Pafos, Zephyros Kyrenia Hotel, Ledra (Forum) Hotel, Meridien Hotel as well as the round-abouts of Polemidia, Agia Fyla and Germasogeia.
Other projects recently carried out by J&P include the Electricity Authority of Cyprus’ third unit at the power plant in Vasiliko, as well as the new accommodation complex at Episkopi British base.
At the same time, the Joannou family has made clear that Avax has a different path from that of J&P Overseas and that they will do their best to support it. And that following completion of the Stelios Joannou Information Centre and Library, Avax will focus on the extension of Limassol Marina with completion date set for April 2020.
In addition, Avax is part of the joint venture for the construction of City of Dreams Mediterranean which is the resort casino in Limassol with a 60% stake of the total budget of €270 million.