Insider Business J ‘divorces’ P in Joannou & Paraskevaides Group

J ‘divorces’ P in Joannou & Paraskevaides Group

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.

Read more:

Top Stories

Man bites hand of police officer checking SMS movement

  A man bit a police officer's hand as he was randomly checked for using an SMS for movement during the second week of the...

Covid assessment leads to change in country travel categories as of Jan.18

  The Epidemiological Monitoring Unit has reassessed the epidemiological conditions in certain countries as related to the travelling to and from Cyprus. The reassessment was based...

Dozens fined for covid violations as quarantine enters second week

  79 individuals and six businesses were charged for covid-19 violations over the past 24 hours, as the quarantine entered its 2nd week, with authorities...

17 year old Covid patient at Famagusta General

  A 17 year old teenage girl, the youngest to have been infected in the second wave of the pandemic, is being treated at Famagusta...

Cannabis nursery at Larnaca apartment

  A cannabis growing apartment was discovered by anti-drug squad members in the Larnaca district following a tip off. During a search of the apartment, owned...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...