Cyprus Business Now: Prodromos hotel, Hellenic Bank bond issuance, GSI talks
The bond was issued after meeting the customary conditions, with the total order book exceeding €370 million, representing a 3.7-fold oversubscription.
The bond will be issued at par with a fixed annual interest rate of 4 per cent, payable annually in arrears.
The fixed rate will be reset on September 17, 2025, with the bond maturing on September 17, 2026.
“We are pleased with the success of this transaction, which is a clear demonstration of the market’s confidence in the bank’s creditworthiness, reflected in the significant investor interest and competitive pricing,” Hellenic Bank interim CEO Antonis Rouvas said.
The event involved discussions on numerous issues, including the attacks on ships in the Red Sea and the Gulf of Aden, along with developments concerning emissions reduction targets.
According to a statement from the CSC, Cyprus was represented by the chamber’s president Themis Papadopoulos, who also holds the position of vice president of the ICS, as well as the general director of the chamber Thomas Kazakos.
The well-known residential and commercial developer BBF is spearheading the ambitious project, aiming to restore what was once called the “Jewel of Prodromos” to its former glory by the end of 2027.
In a recent statement, Andronikos Spyrou, Project Manager at BBF, provided a timeline of the ongoing restoration efforts.
“The renovation of the Berengaria Hotel began with the first phase of emergency repair and maintenance works, which commenced in October 2021 and was completed in June 2022,” Spyrou said.
“The second phase of emergency repair and maintenance started in April 2023 and was completed in December 2023,” he added.
Currently, the project is in its third phase, which began in June 2024 and is expected to conclude by May 2025.
According to Spyrou, the overall project is slated for completion at the end of its fourth and final phase, with an estimated timeline running from June 2025 to the close of 2027.
Speaking to Alpha TV, he said that after Tuesday’s roundtable meeting of stakeholders on the matter, discussions would continue “remotely”.
He added that Tuesday’s meeting was “productive and beneficial”, and that the government believes it is “on a good road, on the right road” over the matter.
On what was discussed, he said “everything at the moment is open”, but that it is hoped that with continued good-faith discussions with all the involved parties, “we will be able to conclude with a mutually beneficial decision” in which “all sides will have secured their own interests”.
He said the issues raised included technocratic, technical, economic, and legal matters, and that “we want to see [all sides’ positions] converge when it is possible.
“It is difficult to discuss this in detail but where there is good nature and good faith, we can see things will be gotten over,” he added.
“Our central question,” he said, “is over the reduction of energy costs for Cypriot homes and businesses. That is our approach.”
According to the announcement, the event is now in its fourth year and will celebrate the grape harvest with a host of traditional activities.
Etap mentioned that Panagia is “renowned for its vineyards and its rich tradition in wine and grape production”.
Etap director Nasos Hadjigeorgiou said that the festival will feature a re-enactment of the grape harvest, complete with donkeys and traditional music.
After the grapes are collected, he explained, they will be placed in baskets on the donkeys, and visitors will be offered traditional snacks in the vineyard area.
This marks the first instance of this report being published, with the CBC saying that these will be published on a monthly basis from now on.
In addition, the CBC said that this initiative, which began with data from July 2024, aims to provide households and businesses with a comprehensive overview of interest rates across the banking sector.
The event, titled “Mission Possible: Researchers on Board for an Inclusive and Sustainable Future,” will run from 8:30 AM until 10:00 PM and aims to engage both young and old in celebrating science, research, and innovation.
Organised by the Research and Innovation Foundation (RIF), in collaboration with key organisations in the research, innovation, and business sectors, the event takes place under the auspices of the President of the Republic of Cyprus, Nikos Christodoulides.
The event, which took place on September 5, aimed to promote Cyprus as an emerging technology and innovation hub, encouraging investment between Cyprus and Europe.
The event provided a valuable opportunity to showcase Cyprus’ expanding research, technology, and innovation ecosystem, along with the various incentives designed to attract investment and talent to the country.
The Cyprus Stock Exchange (CSE) ended Wednesday, September 11 with minor losses.
The general Cyprus Stock Market Index was at 184.86 points at 12:44 during the day, reflecting a decrease of 0.51 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 112.57 points, representing a drop of 0.51 per cent.
The total value of transactions came up to €255,301, until the aforementioned time during trading.
In terms of the sub-indexes, the main index fell by 0.93 per cent, the investment firm index dropped by 1.45 per cent, while the alternative index increased by 1.10 per cent. The hotel index remained stable.
The biggest investment interest was attracted by Hellenic Bank with €180,235 (-1.18 per cent), Bank of Cyprus with €59,366 (-0.20 per cent), Demetra Investment with €6,303 (-1.48 per cent), Lordos Hotels with €3,656 (unchanged), and Salamis Tours with €3,360 (unchanged).