ARI Subsidiary to Double Shareholding in Cyprus-based Food & Beverage Concession
Aer Rianta International Middle East (ARIME), a subsidiary company of ARI, has conditionally agreed to purchase an additional 25.01% shareholding in Cyprus Airports (F&B) Ltd, the business that operates the food and beverage concession at Paphos and Larnaka airports in Cyprus.
The transaction, involving a consideration of €3.125 million, will double ARIME’s shareholding in Cyprus Airports (F&B) Ltd to 50.02%. The additional shareholding is being purchased from Ermes Department Stores Plc, part of the Shacolas Group of companies, which is exiting the business.
“The broad Middle East region is one of ARI’s key focused growth markets through expansion of our existing interests and the pursuit of new business opportunities. We are pleased to be able to strengthen our position in the food and beverage operations at Larnaca and Paphos and look forward to a continued strong working relationship with our partners, SSP, Louis Airports Restaurants Ltd.,” said Jack MacGowan, Chief Executive Officer, ARI.