Following the reorganization and separation of the activities of Woolworth on 31 December 2003, the sale of the commercial activities to Ermes Department Stores Public Ltd (Ermes) and the transfer of the majority of the shares in Ermes to Cyprus Trading Corporation Public Ltd, Woolworth retains a 7% shareholding in Ermes.
In addition, from the offering of the shares in Ermes to the shareholders of Woolworth, the Company is also expected to have significant benefits.
Olymbos Investments Ltd
Woolworth also owns a 50% holding Olymbos Investments Ltd, an investment company. This company’s activities are the investment and trading of shares listed mainly on the Cyprus Stock Exchange.
