The Service of the Commission for the Protection of Competition received on behalf of G.A.P Vassilopoulos Public Ltd and Otero Holdings Ltd, 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 new joint company named Otero Trading Ltd.
G.A.P Vassilopoulos Public Ltd is a public company, with listed shares in the Cyprus Stock Exchange. GAP group of companies offers a wide range of activities such as seal freight forwarding, domestic express courier and logistics, travel and tour, clearing, bonded ehousing and logistics, household removals, third party logistics, shipping agency, hotels, International express courier, multimedia marketing service, airfreight forwarding, insurance and international money transfers.
G.A.P Vassilopoulos Public Ltd holds 100% of the shares of G.A.P Vassilopoulos Easy Payments Ltd which is a company duly registered under the laws of Cyprus. This company began its activities in 2009 and is the exclusive representative of Payzone Hellas Company in Cyprus. It offers services such as top-up, prepaid mobile and fixed telephony, prepaid internet purchases with coupons Paysafecard, MoneySafe, Ukash and also payment of utility bills.
Otero Holdings Limited is a company, duly registered in the Republic of Cyprus, and holds 100% of the share capital of Otero Ltd. Otero Ltd began its activities in 2008 and is known in Cyprus market as «MOBEE PAYMENTS». The company is active in the market of top-up services, prepaid mobile and fixed telephony, prepaid internet purchases with coupons Paysafecard, MoneySafe, Ukash and also payment of utility bills.
Pursuant to the agreement for the creation of the joint venture Otero Trading Ltd, G.A.P Vassilopoulos Public Ltd and Otero Holdings Limited agreed to transfer to the joint venture the entire share capital of GAP Vassilopoulos Easy Payments Ltd and Otero Ltd.
The present notification is based on section 13(3) of the Control of Concentrations between Enterprises Laws 1999 to 2000.