The Galatariotis Group is one of the leading business establishments in Cyprus with diverse activities and investments in the real estate, hotel and tourism and building materials sectors. The Group comprises several private companies and three public ones, which are listed on the Cyprus Stock Exchange (CSE).
The financial strength of the Group enabled it to diversify its activities in a variety of sectors.
In 1947 George S. Galatariotis & Sons Ltd was established succeeding the commercial operations of George Galatariotis who had been in trading in various commodities since 1917. The Company quickly expands in many areas of imports including building materials and food stuff.
The year 1969 proved to be a milestone year for the Group with the acquisition of the 100% share capital of The Cyprus Cement Company Limited, from William Baird & Co. Ltd and Tunnel Portland Cement. The Company soon after was floated as a Public listed company on the CSE.
In 1990, the entire share capital of L’ Union Nationale (Tourism & Sea Resorts) Limited was acquired by C.C.C. Tourist Enterprises Public Company Limited (CCCT), a company specifically set up for this purpose, subsequently floated in 1991. This acquisition heralded the beginning of the Group’s diversification into the hotel and tourism sector as L’ Union Nationale (Tourism & Sea Resorts) Limited is the owner of Le Meridien Limassol Spa & Resort, a prestigious five-star hotel complex situated in the prime touristic area of Limassol.
In March 2007, The Cyprus Cement Public Company Ltd reached a historic agreement with Vassiliko Cement Works Public Company Ltd (VCW) for the merger of its cement production and related activities with VCW, in exchange for 25,3% of VCW’s share capital.
By June 2011 VCW completed the construction of a state-of-the-art cement plant with annual capacity of 2,3 million tons of cement, an investment in excess of €180 million.
In March 2012, C.C.C. Holdings & Investments Public Company Ltd was entirely acquired by George S. Galatariotis & Sons Ltd and other associated entities through a public offer and was subsequently de-listed from CSE.
Through its joint-venture partnership of “L’ Union Residences”, CCCT commenced the development of six up-scale villas in a land adjacent to Le Meridien Limassol Spa & Resort in November 2012. This development was completed and sold by September 2014.
In April 2014, The Cyprus Cement Public Company Ltd completed the dismantling of its cement plant in Moni and it is proceeding with its plans for the development of the land, which has an area of appr. 1,1 million sq. meters and a coastline of 1,4 kms.
On 30th September 2014, following an equity issue of €72,5 million, CCCT’s participation was reduced to 25%. Through the proceeds L’ Union Nationale (Tourism & Sea Resorts) Ltd eliminated all outstanding debt. The Resort closed in November 2014 for major renovation and is expected to reopen in March 2019, under a new name, Parklane Resort & Spa, within the Luxury Collection Chain of Marriot International Inc.
The Galatariotis Group structure comprises several private companies and three public ones, which are listed on the Cyprus Stock Exchange.
