The Galatariotis Group of Companies 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 of several private companies and four public ones, which are listed on the Cyprus Stock Exchange.
The financial strength of the Group enabled it to diversify its activities in a variety of sectors. Below is a quick historical overview of the group:
- The year 1969 proved to be a milestone year for the Group with the acquisition of the 100% share capital of The Cyprus Cement Public Company Limited, from William Baird & Co. Ltd and Tunnel Portland Cement, both from the UK. The Company was later registered as a Public listed company on the Cyprus Stock Exchange.
- In 1971 Holcim became a shareholder in the Company as well as a technical advisor.
- In 1980 K+G Complex Public Company Limited is established and proceeds to acquire a plot of land in Limassol, covering an area of about 280 thousand square meters adjacent to the coastal site of the ruins of the ancient city of Amathus, an area of exceptional natural beauty. The company’s conversion into a public company follows in 1981.
- In 1988, C.C.C. Holdings & Investments Public Company Limited is set up, following the successful public offering of its shares, is converted into a public company, and commences its investing and financing activities.
- In 1990, the entire share capital of L’ Union Nationale (Tourism & Sea Resorts) Limited is acquired by C.C.C. Tourist Enterprises Public Company Limited, a company specifically set up for this purpose, subsequently floated in 1991. This acquisition heralds 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 early 2005 the Group made its first investment in the residential sector of Bulgaria by acquiring 2 new residential buildings in Sofia, further enhancing its income earning property portfolio.
- In March 2007, The Cyprus Cement Public Company Ltd reached a historic agreement with its rival and competitor 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.
As a result, VCW is now proceeding with the construction of a state-of-the-art cement plant with annual capacity of 2,5 million tons of cement. Following the completion of the new plant - an investment in excess of €170 million - the Moni cement plant will cease production and will be dismantled, allowing for the residential, touristic and commercial development of the land in Moni, which has an area of 1,2 million square meters and a coastline of around 1,4 kilometres. To this purpose the Group has engaged the services of internationally reputed master planners, market/financial analysts, town planners and engineers in order to produce a Master Plan that maximises the value of the land not only for the Company's shareholders but also for the local communities, Limassol and Cyprus as a whole.
The increasing financial strength of the individual companies of the Group today, in conjunction with the continued commitment of its management towards efficiency and growth, create the right conditions for the continuation of the Group’s financial success and, more importantly, the prosperity of its shareholders and the general economic Development of Cyprus.