Daily Press Review - 25/6/2019

Hellenic announces proxy of exercise of voting rights for 7Q

Hellenic Bank announced the names of the people who will exercise 7Q Invest Ltd’s voting rights. Specifically, the company announced that Andreas Hadjikyrou will be the one to exercise 7Q’s rights at the bank’s Extraordinary General Meeting on 26 June. It should be reminded, that Hellenic Bank announced the names of the people who will exercise the voting rights for Demetra Investment and Wargaming. According to the announcement, after the Extraordinary General Meeting ends, the above will not have any voting rights, on the basis of the abovementioned proxy for the exercise of voting rights.



Banks worried about amendments to foreclosures legislation

The banking sector is increasingly nervous since the House Finance Committee will discuss five bills relating to the foreclosures legislation this coming Thursday. These bills propose changes to current legislation on foreclosures and thereby, could reverse the banks’ plans for the reduction of NPLs. Moreover, Politis has learned from banking sources that there is a risk that additional capital may be needed, since any amendment to the legislation affects the value of the assets given as collateral and should be reflected in the banks’ books. The behind-the-scenes situation is tense, and the banking sector is trying through the Bank Association to convince the political parties that the proposed amendments only protect the strategic “bad payers” and that in practice the banks will not proceed with any foreclosure of primary homes. “We are in Cyprus, and we cannot see incidents similar to what happens in the USA, when the Police forcefully evicts people, but we shouldn’t swing to the other extreme”, an experienced banking member told Politis.



Deputy Ministry of Tourism: Competition will decrease flight prices

The Deputy Ministry of Tourism is working tirelessly to improve Cyprus’ connectivity with current and new destinations. This can be achieved by attracting new companies, and the ministry’s main purpose is to reinforce competition in order to decrease flight prices. Alithia’s sources report that the Deputy Ministry estimates that this recent increase in flight prices derived from a drop in the number of available seats, not specifically for Greece but for various destinations. The Deputy Ministry highlighted that until recently, there were companies who flew directly to particular destinations, mostly within Europe.



“Ambassadors” of Ayia Napa’s tourism

Victor and Grete Morrow visited Ayia Napa 25 times for their holidays. During a special ceremony that was held on Thursday 13 June 2019, the Mayor of Ayia Napa, Mr. Yiannis Karousos awarded the Norgwegian visitors with a commemorative plaque and the emblem of Ambassador of Ayia Napa Tourism. Mr. Karousos thanked the couple for their repeated visits.



Melco acquires 75% of equity interest in the casino from… Melco

According to a Melco Group announcement, Melco Resorts & Entertainment Limited will acquire Melco International Development Limited’s 75% equity interest in ICR Cyprus Holdings Limited (the consortium that will develop the City of Dreams Mediterranean). Melco International will purchase 18.5 million depositary shares of Melco Resorts, or 4% of Melco’s outstanding shares, representing a total $375m. In order for the transaction to be final, it will have to be approved by the regulatory authorities and the shareholders. In the framework of the agreement, Melco will provide business services to ICR in return for a steady €2m per year, while it maintains the right to acquire preference shares in ICR’s subsidiary, which is the license holder for the development of the casino, through which it will obtain the right to a preferred dividend. The agreement is expected to be final by 20 September.