The Service of the Commission for the Protection of Competition announces that the Cyprus Cement Company Ltd (CCC), Latomio Latouros (LL) and Athinodorou Brothers Super Beton Ltd (AB), with a notification to the Chairman and the members of the Commission notify that, in the 25/11/03 they have contracted an agreement by which AB will proceed to a reorganisation of the company by creating three new companies to which three existing departments of the AB will be transfer to. The three departments are the production and distribution of ready made concrete, letting of own property and distribution of cement and other quarry products. AB will then transfer 38% of each new company to CCC and 12% to LL.
AB is a group of companies with many subsidiaries (Pharos Concrete Ltd, Moditis Concrete Works, Poulas Tsadiotis Ltd, Athinodorou & Poullas Transport Ltd, Athinodorou & Kouklis Super Beton Ltd) and among other activities is active in the production and distribution of ready made concrete.
CCC is also a group of companies with many subsidiaries (CCC Tourist Enterprises Limited, CCC Laundries Limited, CCC Aggregates Limited, CCC Secretarial Limited, Galatex Tourist Enterprises Limited) and it produces and sells cement.
LL has no subsidiaries and is involved in the sector of quarrying and selling sand.
According to Article 24 of The Control of Concentrations Between Enterprises Law of 1999, in case of a concentration for which a full investigation is carried out (Article 23), the Service provides, subsequent to the application of persons that have legal interest but do not participate in the concentration, an opportunity to submit their opinions in regards to the concentration at a way and time that the deadline set by Article 28 is not affected.