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 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. Below is a quick historical overview of the group:
- 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 (building materials and food stuff) and carob products exports.
- 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.