The Service of the Commission for the Protection of Competition announces that it has received a notification of a concentration from Amathus Public Limited and Kanika Group Limited, regarding the creation of a joint venture which will take over jointly with Kanika Hotels Ltd the AMAVI HOTEL.
Amathus Public Ltd is a company duly registered under the laws of the Republic of Cyprus and is listed in the Cyprus Stock Exchange. The principal activities of Amathus are in the travel and tourism sector.
Kanika Group Ltd is a company duly registered under the laws of the Republic of Cyprus. This company is a parent company, whose only activity is the investment in other companies. The principal activities of its subsidiaries are: (i) hotel management through ownership or rental, (ii) Utilization of land (Property Development), (iii) management of real estate on behalf of clients (Property management) and (iv) Rental of office complexes.
Kanika Hotels Limited is a company duly registered under the laws of the Republic of Cyprus and it is a subsidiary of Kanika Group Ltd. This company manages on a daily basis the Alexander The Great Beach Hotel in Paphos and Elias Beach Hotel in Limassol.
The target in this concentration is the Amavi Hotel five-star (5 *) hotel complex which is under construction.