Cyprus Company News

Offshore law firm Harneys (Cyprus) advised TCS Group Holding PLC on all the aspects of Cypriot law and regulations in connection with sale of 16,666,667 global depositary receipts representing interests in Class A shares of the Company at a price of US$18 per GDR. The sale raised gross proceeds of US$300mln. Global coordinator and joint bookrunner in connection with the offering was Morgan Stanley & Co. International plc, and a consortium of leading international investment banks also acted as joint bookrunners for the deal. TCS Group Holding PLC is a Cyprus-based company which, together with its consolidated subsidiaries, is leading provider of online retail and lifestyle services via its tinkoff.ru financial system.

Cyprus law firm Elias Neocleous & Co LLC has received Mondaq award for Contributor Most Read for Cyprus, for the fourth consecutive month. This is the acknowledgement that the material published is accepted well by the clients, business and professional community, as relevant, accurate and interesting. Mondaq, launched in 1994, is one of the most comprehensive Internet repositories of professionals’ knowledge and expertise. In the end of every month Mndaq provides an analysis of which firms in each country were read the most by its registered business readers, and “Contributor Most Read” awards are presented based on this analysis.

Bank of Cyprus issued a bank statement informing that it had sold its entire shareholding of 49.9% in CNP Cyprus Insurance Holdings Limited to CNP Assurances , for 97.5mln euros. According to the statement, CNP Assurances is the owner of 50.1% of CNP Cyprus Insurance Holdings Limited. The sale, which is subject to regulatory approvals, is expected to be completed in the second half of 2019.  The sold stake was earlier purchased by the Bank of Cyprus when it absorbed assets and liabilities of the former Popular Bank of Cyprus (Laiki), which was wound down and folded into BoC in 2013. Although the Bank of Cyprus was the holder of 49.9% of the company’s share, it had no control of it and for this reason it took the decision to sell it and focus on its own insurance business. The transaction will result in an accounting loss of 22mln euros as bank’s investment in CNP was 119mln euros as of March 31, 2019, but the cash inflow will have positive impact on the Bank’s Total Capital ...

Elias Neocleous & Co LLC , the largest law firm in Cyprus, became the co-sponsor of the Legal500 GC Powerlist for Greece and Cyprus - the international initiative, which is growing year by year, and events are hosted annually to launch the new publication. For Greece and Cyprus, the reception for the 2019 publication for the best legal teams was held on May 16 in Athens, and was attended by 160 legal counsel nominees and guests, including the leading legal teams from Greece and Cyprus, who work in all industry sectors including banks and financial institutions, transport and infrastructure, energy and utilities corporations, information and technology, healthcare and pharmaceutical, consumer products, hotels, restaurants, food, beverage, entertainment, industrial and real estate, materials and mining and telecommunication services. The Cyprus firm congratulated all legal teams that comprised this year’s list, and said: “We are very glad to have contributed to this initiative and...

The online insurance company Hellas Direct has entered into co-operation with pioneering Cyprus retailer, Superhome Center . The partnership between the companies has the purpose to provide customer access to an innovative range of home insurance products. The Chairman of the Board of the Superhome Center, Giorgos Anneliadis, said in his comments: “We are thrilled to be announcing this partnership. With its innovative products and cutting-edge technology, Hellas Direct is the perfect partner in our attempt to further customize the services and products offered by Superhome Center stores. The timing couldn’t be better: right now we are focusing on bringing new innovations that will improve the consumer’s experience and everyday life.” Hellas Direct Executive Director Alexis Pantazis commented: “We are particularly excited to be teaming up with Superhome Center… We look forward to working together and promoting home insurance products and innovative services that meet the expectatio...

The board of directors of The Bank of Cyprus made an announcement that it had appointed the new CEO of the group. Panicos Nicolaou will change in this post John Patrick Hourican, subject to approval by the European Central Bank (ECB), and will formally take the duties upon receiving the approval. The new CEO joined the bank in 2001, and since 2016, when he was promoted to the position of director of the corporate banking division, has been responsible for managing the corporate banking centres in Cyprus, the international corporate banking centre and international operations, as well as the bank’s factoring unit. Also, since 2016 he has been the member of executive committee of the bank. In the months ahead Nicolaou as CEO-designate will work closely with Hourican to support a smooth transition period.

Cyprus office of the leading offshore firm Harneys has advised Morgan Stanley Private Equity Asia on the matters of Cypriot law, in its investment acquisition of the majority ownership of the leading Greek natural cosmetics producer Korres. Morgan Stanley Private Equity Asia and Chinese-based Profex purchased majority share in Korres for €48.3mln (US$58mln), and the transaction was passed through Nissos Holdings - the company based in Cyprus and founded by Korres. The partner of Harneys Cyprus and the leader of the team Demetris Loizides commented: “We are delighted to have acted on this successful acquisition, showcasing the expertise of our Corporate and Commercial practice group in Harneys Cyprus”.