The Service of the Commission for the Protection of Competition received on behalf of Kanika Group Ltd and Claridge Public Ltd, a notification of a proposed concentration according to section 13 of the Control of Concentrations between Enterprises Law (Number 22(I)/99), concerning an agreement for the creation of a joint venture by Kanika Group Ltd and Claridge Public Ltd.
Kanika Group Ltd is a private limited liability company, duly registered under the laws of Cyprus. This company is a parent company whose sole activity is to invest in companies. The main activities of the subsidiaries directly controlled are: the hotel management through ownership or lease, land development, property management and rental of freehold office complexes. Kanika Olympic Ltd is a subsidiary of Kanika Group Ltd and will participate in the joint venture on behalf of Kanika Group Ltd.
Claridge Public Ltd is a public limited liability company listed on the Cyprus Stock Exchange, which is active directly or through its subsidiaries, in the holding and management of hotels, luxury villas and apartments.