Gold Magazine November - December 2013, Issue 32 | Page 44

INVESTMENT

20M CASH
€
INJECTION FOR
IDIEN
MER
LE

I

n a vote of confidence for
Cyprus and its tourism
industry, Russian investors
entered into a €20m share
capital increase agreement
with the Le Meridien Limassol
Spa & Resort last month. The
deal will see Russian investing
company Emerald Coast
Properties Ltd subscribe to a
new issue of shares, securing
a 50% stake in the 5-star luxury hotel.
The agreement between Emerald Coast
Properties Ltd and L’Union Nationale
(Tourism and Sea Resorts) Ltd, which
owns and manages the hotel, will be
finalized following the completion of a due
diligence review towards the end of January
2014. The cash boost is expected to be
used mostly on renovating the hotel and its
grounds.
Speaking on behalf of Emerald Coast

LE MERIDIEN WILL
RECEIVE A SIZABLE
SHARE CAPITAL
INCREASE TO HELP IT
FURTHER CONSOLIDATE
ITS POSITION AS
THE ISLAND’S MOST
EXCLUSIVE

SPA & RESORT

Properties, Alexis Tsielepis, Head of
Taxation of Costas Tsielepis & Co Ltd.,
representing the interests of the Russian
investors in Cyprus, described the deal as a
“win-win situation for everyone involved.”
“With this investment, our client is buying into a most lucrative investment indeed
while the Le Meridien will receive a sizable

share capital increase to help it further
consolidate its position as the island’s most
exclusive spa and resort. At the same time,
Cyprus receives perhaps the very first solid
foreign investment since the financial crisis
of March 2013, demonstrating that the
island still offers strong and stable investment opportunities, and that confidence
in our jurisdiction, which was so incompetently and unfairly treated by its European family, is regaining its well-deserved
strength and momentum with foreign
investors.” Tsielepis said.
“Our clients,” Tsielepis added, “kept
their faith in Cyprus despite it all. They are
here to stay.”
Costas Tsielepis & Co Ltd, Chartered
Accountants, is a member of the Tsielepis
Group of Companies, which has been
providing tax, corporate, accounting and
auditing services to clients in Cyprus and
abroad since 1978.

44 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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07/11/2013 16:00