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

Indian woman, 25, involved in Andrei Popa murder, jailed

Larnaca District Court sentenced a 25-year-old Indian woman, resident of Larnaca, involved in the Andrei Popa case to 45 days in prison on Monday. The...

Night clubs request that they reopen with no dance floor and no bar services

The Pancyprian Association of Nightclubs (PA.SY.KE.D.) addresses a last appeal to the Minister of Health, the Minister of Finance and the Deputy Minister of...

Fifteen new coronavirus cases detected out of 2,709 tests

The Ministry of Health has announced that 15 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Households and businesses affected by Medicane Ianos to be compensated

Prime Minister Kyriakos Mitsotakis promised the flood-stricken households and businesses of Karditsa that the government will stand at their side with "speed and determination",...

Workshop on forging synergies between industry and scientific research organised for Industry Week

A workshop was organised on Tuesday, in Nicosia, to discuss ways to forge synergies between industrial production and scientific research sectors, in a bid...



Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...

Meatballs with tomato and cumin

Place all meatball ingredients in a bowl and knead well with hands. Keep the mixture in the fridge for approximately 1 hour to thicken. In...

Crushed wheat pilaf with sausages and halloumi

Ingredients: 1 cup bulgar wheat ¼ of the cup vermicelli noodles or spaghetti, broken into small pieces 1 onion 2 sausages 1 cup tomato juice 1 vegetable stock cube 1/3 ts...