Cyprus Trading Corporation Plc

ANNOUNCEMENT

The public company Ermes Department Stores Plc, member of the CTC Group of Companies (Cyprus Trading Corporation Plc), announces that, in the context of the new strategy of CTC Group not to continue its retail food and beverage operations, given that its sister companies Argosy Trading Co. Ltd and Cassandra Trading Ltd - also members of the CTC Group - are food and tobacco product importers and large suppliers of supermarkets, retail stores as well as kiosks, hotels and restaurants, it has disposed of the operation of the SPAR food store in Larnaca, so as not to compete with their customers.

The SPAR store, which has been in operation since October 2018 in Larnaca, was acquired by S.D.T. Ioannides Bros Ltd, which will continue operating the store under its own tradename.

The acquisition was approved by the Commission for the Protection of Competition.

The sale price is €1,510,000 and includes the store's equipment and stock. The price will be paid upon completion of the transaction, which is estimated to take place in the first half of July. The transaction is neither related to nor affects the interests of any Company official or staff and is made on arm's length basis. It is beneficial for the Company since, as a result thereof and upon termination of SPAR's operations in Olympia Limassol, the Company will focus on and develop the rest of its operations.

In addition to the above, the building on the Corner of Arch. Makarios Avenue and Crete Street in Nicosia, which will be developed by an investment company, terminated its retail operations a few days ago. Similar development will also occur during October/November of this year to the building which currently houses Olympia department store on 28th October Avenue, Limassol. Until then, Olympia department store will continue to operate and serve the public of Limassol offering all current operations with the exception of foodstuffs.

At the same time, the refurbishment of ERA Apollon department store continues smoothly and will be completed soon, making ERA Apollon the Group's flagship store in Limassol, with the aim of offering consumers an improved service.

CTC GROUP

With this opportunity, we wish to inform the public that CTC Group continues its operations seamlessly, constantly improving the service it provides to the public and its broad client base through the following companies:

Argosy Trading Co Ltd, which imports, trades and distributes a large variety of foodstuffs and other goods; Cassandra Trading Ltd, which imports, trades and distributes tobacco products of the internationally renowned brand Philip Morris International; Artview Ltd, which imports, trades and distributes the famous products of French brand Christian Dior and the Swedish Foreo (For Ever one), an amazing beauty product and tool, second in sales worldwide; CTC Automotive Ltd, which has established, throughout Cyprus, showrooms and service centers that provide trading, spare parts and repairs for vehicles and machinery by Caterpillar, Volvo, Hundai, Scania and Iveco, Philips light bulbs, the famous Hilti tools, as well as Michelin tyres, the world's leading brand in both sales and quality, made in France, and lubricants (oils) by another internationally renowned French company, Total. Superhome Center (DIY) Ltd, another highly successful company in its field, also continues its operations with large stores in all cities of Cyprus.

Ermes Department Stores Plc continues with the smooth and upgraded operation of its stores across Cyprus: In Nicosia with ERA department store at the Mall of Cyprus along with the stores Glow, Armani Exchange, Navy & Green, Next, Ergon to Go, Ergon Café and at the Mall of Engomi with the stores Next and Oviesse; In Limassol, with ERA Apollon which is currently under renovation as well as with the stores Armani Exchange and Next; In Larnaca with ERA Zenon department store and the stores Next, Next Outlet and Ermes Bazaar; In Pafos, with ERA Korivos, the store Next at Korivos Commercial Centre as well as the large store of the Italian brand Oviesse at the Mall of Pafos. Also with the ZAKO chain of stores across Cyprus.

In September 2021, ERMES will also open the new Ermes Outlet at the NEO PLAZA discount village, in the area of Kokkinotrimithia.

As is well known, CTC Group is the largest Cypriot shareholder in Hermes Airport Ltd, which has built and manages the operation of the two international airports of Cyprus, in Larnaca and Pafos. Despite the current difficult conditions, the two airports are operating to a satisfactory degree.

CTC Group wishes to reassure the Cypriot public, its associates, business partners and clients that it will spare no effort in pursuing the offering of high quality service as in the past. We would like to thank you all for your continued support.

Nicosia, 4 July 2021

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Ermes Department Stores plc published this content on 04 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2021 16:23:46 UTC.