The Service of the Commission for the Protection of Competition received on behalf of Iperi Properties Ltd a notification of a proposed concentration according to Section 10 of the Control of Concentrations between Enterprises Law (Number 83(I)/14). The concentration concerns the acquisition of part of the share capital of Aphrodite Holdings Ltd and Aphrodite Hills (Lakkos toy Frangou) Ltd.
Iperi Properties Ltd is a newly established company, duly registered under the laws of the Republic of Cyprus. The company is a subsidiary of Bank of Cyprus Public Company Ltd and does not have any activities at the present.
The group of Bank of Cyprus, which Iperi Properties Ltd belongs to, is active in the banking, financial and assurance services sectors as well as in the property and hotel management sectors.
Aphrodite Holdings Ltd is a company duly registered under the Laws of Malta. The said company has other subsidiaries which are active in the following sectors: development of land area in Aphrodite Hills Resort, development and sale of real estate including land, villas, apartments and houses, operation of a golf course and a club, operation of a five-star hotel, managing of a tennis academy and a health spa, provision of services regarding sewage cleaning and security for the owners of property at Aphrodite Hills Resort, provision of other services to property owners including property maintenance and management during periods when the owner is away, and facilitating sub-letting and resale of property as well as the operation of other recreational areas.
Aphrodite Hills (Lakkos tou Frangou) Ltd is a company duly registered under the laws of the Republic of Cyprus. The basic activities of the said company are the development of golf and other related infrastructure and the development of real estate, including the division of land into plots.