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

Trump’s push to reopen schools part of bid to boost suburban standing

President Donald Trump's demand for U.S. schools to fully reopen this fall amid the coronavirus pandemic is central to an emerging re-election strategy that...

Pope ‘very pained’ by decision to turn Hagia Sophia museum into mosque

  Pope Francis said on Sunday he was hurt by Turkey's decision to make Istanbul's Hagia Sophia museum a mosque, the latest religious leader to...

Paphos: 7 injured in traffic collision

  Seven people have been taken to hospital after a collision between two cars that occurred on the Droushia-Latchi road a little after 1 pm...

11 of 18 latest coronavirus cases imported (infographics)

    Eleven of the 18 new coronavirus cases reported in the 14 days of June 26 to July 9 are imported and 89% of them...

Britain to spend 705 mln pounds on EU border infrastructure

    Britain will spend 705 million pounds on border infrastructure to help keep trade flowing after its transition deal with the European Union expires at...


Kolokasi (Taro Root)

Ingredients: (Serves 4) 1 kg kolokasi (taro) root ½ kg pork (lean belly pork or shoulder) cut into large cubes 6 tbsp olive oil 1 head of fresh celery,...


Moungra is a traditional Cypriot mezze which consists in cauliflower pickled in fermented bread dough and typically served as an appetizer or meze. It...

Cheesy Eggplant Rolls

Ingredients 4 Eggplants 2 tbsp olive oil 1 chopped onion, 2 grated carrots 1 garlic clove (sliced) ¾ of the cup finely chopped canned tomato, ½ ts sugar 1 ts oregano 2 tbsp...

Black eyed peas with chard (Louvia me laxana)

Ingredients: 2 cups black eyed peas small lemon (juice) + 1 tsp lemon zest 1 bunch Cypriot chards olive oil & lemon for serving salt & pepper Method: Step 1 Put the...