InsiderBusinessNew owners for Nicosia Mall

New owners for Nicosia Mall

Nicosia Mall has a new shareholding structure now that Bank of Cyprus’s stake has been transferred to a total of six business groups, according to Insider.

Specifically, the 6400 shares which BoC controlled in Nicosia Mall Holdings (MNH) Ltd Group have now been divided as follows:

Voici La Mode Estates Limited 1506 (15.06%)

Hadjichristofis Supermarket (Athienitis) Limited 377 (3.76%)

Silvaly Holdings Ltd 941 (9.41%) (PHC Group)

Fintupin Trading Limited 1694 (16.9%) (Zorpas Group)

Morissona Holdings Limited 753 (7.53%) (Russian interests)

Classmark Holding Limited 1129 (11.2%) (foreign interests)

The 3600 (36%) remaining shares of the company are still under the control of Soulfull Enterprises Limited, controlled by 90% by Athienitis Group of developers and Morissona holdings Limited (10%).  Morissona substantially controls 11.1% of the shopping mall’s shares.

As expected, changes have taken place in the structure of the shopping centre’s management. The company is now run by Artemis Antoniadou (Voici La Mode Group), George Americanos (lawyer), Michalis Athienitis, Lysandros Ioannou, Efstratios Hadjichristofi, Michalis Louka and Constantinos Zorpas. Panayiotis Athienitis and Michalis Hadjipantelas are still on the board, while Michalis Ellinas has left.

As for its financial data, the 2018 report cannot give the full picture since the shopping mall only began operations on November 21, 2018. The year ended with losses of €16.6 million for Nicosia Mall Holdings, while total assets amounted to €101.6 million. Total liabilities amounted to €118.3 million. Revenue from contracts with customers over this short period of operation amounted to €2.2 million.

The company has three subsidiaries which are Nicosia Mall Property, Nicosia Mall Finance and Nicosia Mall Management. Informed sources put the total value of the transaction at €97 million, however, it seems that the Bank has also written off part of the company’s debts.

By Antonis Antoniou


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