Insider Business New 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


Read more:


Top Stories

384 new cases of COVID-19, no deaths announced on Thursday

The Health Ministry announced 384 new Coronavirus cases out of 39,807 PCR and rapid antigen tests on Thursday, 4, March, taking confirmed infections to...

ECDC detects UK strain in three cases after testing another 94 COVID-19 samples from Cyprus

The European Centre for Disease Prevention and Control (ECDC) conducted specialized laboratory tests on another 94 COVID-19 positive samples, sent from Cyprus for sequencing...

22-year-old seriously injured after falling from nine meters’ height

The Police are investigating the conditions under which a 22-year-old fell from nine meter’s height and got seriously injured. The accident occurred just before noon...

St Hilarion Castle not damaged by the fire

Due to a fire that was caused b a lightning or lightnings yesterday fortunately only the coffee shop within the Saint Hilarion Castle was...

King Carnival goes around in the roads of Limassol (VIDEO)

King Carnival will today go around in the main streets of Limassol from 16:00 until 18:00. (philenews)


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...