The Service of the Commission for the Protection of Competition has received a notification of a concentration by Prosperity Group CY Ltd and REM International (Cyprus) Ltd, according to Section 10 of the Control of Concentrations between Enterprises Law of 2014. The notification concerns the creation of Kition Ocean Holding Ltd for the purpose of taking up a long-term exclusive right for the design, construction and financing of development projects, management, operation and maintenance of the Port and Marina of Larnaca, and the commercialization of real estate in the area.
Kition Ocean Holding Ltd is a company duly registered in accordance with the laws of the Cyprus, which was established by Prosperity Group Cy Ltd and REM International (Cyprus) Ltd. The purpose for its establishment is to operate as a special purpose vehicle, in order to come, in the capacity of Concessionaire, to a Concession Agreement with the Government of the Republic of Cyprus, on the basis of which the Kition will take over the Project Activities.
Prosperity Group CY Ltd is a company duly registered in accordance with the laws of the Cyprus and, among others, is active in conducting business of a holding company, investment company and real estate investments in Cyprus through subsidiaries (holding of investments). Prosperity Group CY Ltd is owned by Alexandrou Corporate Services Ltd, which is licensed by the Cyprus Securities and Exchange Commission and was established to undertake or provide administrative services.
REM International (Cyprus) Ltd is a company duly registered in accordance with the laws of the Cyprus. REM International (Cyprus) Ltd and is active in conducting business of a holding company,, and in this capacity, holds, on behalf of its parent company, Eldeman, 50% of Kition's share capital. Eldeman was established to manage, operate and promote businesses and companies as well as to participate in investments including land development, as well as in investments and development of large-scale mixed real estate, fashion brands, Media Channels, airlines, Marina Venice (Venice Beach) in the state of California in the USA and the port of Eilat in Israel.
The target in this concentration is the Port and Marina of Larnaca. The Port is managed by the Cyprus Ports Authority and other government services. The Port is for multipurpose use and serves all types of cargo from bulk to conventional while providing services relating to the port, including the maintenance of safe access to the port from sea, navigation, navigation aids, towing, provision of cargo handling services (including the receipt and delivery of goods) and facilitating / management of transit trade, facilitating the provision by third parties of essential services for ships in the port and other services relating to the sea. The Larnaca Marina is located south of the Port of Larnaca and is protected by a large southern breakwater and includes a pier coming from the beach of Finikoudes.