Insider Business New plans for Limni Bay by CTC Group

New plans for Limni Bay by CTC Group

Cyprus Limni Resorts and Golfcourses Plc, owner of the Limni Bay Resorts Project in Polis Chrysochous, have announced new plans for a land area of 300,000 m2 that was not handed over to Bank of Cyprus in exchange for debt, Antonis Antoniou writes in today’s Phileleftheros.

The new plans, dubbed ‘mini Limni’, will take place once the bank and CTC complete transactions connected to the restructuring of CTC Group’s loans with the Bank of Cyprus.

Mini Limni’s owner Cyprus Limni Resorts and Golfcourses Plc said that the remaining land can still be used to implement the project, adding that planning and relevant studies are already underway for the proposed venture.

The Group’s agreement with BoC was signed more than a year ago, nevertheless, it has yet to be executed in full — which is why the Annual General Meetings of the Group’s companies have been postponed several times in recent months.

As regards the Limni Bay Resorts project, the assets were handed over almost immediately after the agreement’s execution to two of BoC’s subsidiary companies and were valued at €93,2 million.

The agreement with BoC has significantly reduced CTC’ debt to the bank, which, according to the latest accounts, is at €145,5 million of which €91,2 million are long-term loans and €54,2 million are loans from other Group companies.

The Group’s next Annual General Meeting has been scheduled for February 12 and is expected to be of particular interest as it will reveal the status of CTC Group’s €228 million debt restructuring, as well as its future plans.

Read more:

Top Stories

318 new cases through PCR tests announced on Tuesday

The Health Ministry announced 318 new Coronavirus cases out of 3,233 PCR tests on Tuesday 1 December and another 153 out of 7,729 rapid...

Eight confirmed COVID-19 cases at Athalassa Psychiatric Hospital

Eight confirmed COVID-19 cases have been found at the Athalassa Psychiatric Hospital, five of which are residents and three staff. This became known when a...

Citizens’ Teleservice Center on COVID-19

The Deputy Ministry of Digital Policy announced the operation of the Citizens’ Teleservice Center on issues regarding COVID-19. According to the relevant announcement, the center...

Queen awards Sistema Cyprus volunteers

Her Majesty the Queen joined a video call this week with three winners of the Commonwealth Points of Light award, to celebrate their achievements...

Cypriot elected President of the European Association of Data Protection Professionals

Cypriot lawyer Maria Raphael has been elected as President of the European Association of Data Protection Professionals (EADPP), in the framework of the EADPP genaral assembly that took place...


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...