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Kyriacoulis enters dynamic expansion phase

Kyriacoulis<.> Mediterranean SA is plying new waters in a dynamic bid to expand beyond the field of yachting into marine tourism…

Kyriacoulis<.> Mediterranean SA is plying new waters in a dynamic bid to expand beyond the field of yachting into marine tourism. The company has bought out five maritime firms and one societe anonyme at a cost of 448 million drachmas.

The latter, which had Kos isle as its base, will be transferred to Athens and become a holding company to which the shares of the other five firms will belong. Kyriacoulis will possess 90 percent of the shares in the holding company. The firms previously belonged to the Mamidakis group but changed ownership around 18 months ago, though they retained the name.

The holding company, to be named Kyriacoulis Mediterranean, will have six hydrofoils and operate offices on Kos and Rhodes.

It has already plans for three marinas to cover 10 destinations, namely Rhodes, Kos, Kalymnos, Leros, Patmos, Chalkis, Symi, Nissiros, Kastellorizo and Tilos.

Three of the vessels run regular routes while the other three are hired for trips in the eastern Aegean and to Turkey.

Additionally, Kyriacoulis recently announced that the firm Offshore Escape EPE, of which it owns the majority of shares, has set up a sailing school based in the suburb of Alimos. The aim is to attract both domestic and international clients interested in obtaining a sailing diploma, in English or Greek, here in Greece.

Kyriacoulis will soon undertake a share capital increase of 3.8 billion drachmas, approval of which it expects to receive in coming days. The company is proceeding with significant investments.

The company, which ranks third globally in the field of yachting, intends upgrading its entire fleet within the next five years while further vessels are likely to be acquired. It currently has 275 vessels and 19 bases, 12 of them abroad and seven in Greece. Kyriacoulis operates successfully in the Italian, Croatian, French and Caribbean markets.

Kyriacoulis has shown particular interest in marina development and has invested 12 billion drachmas in the redevelopment or building of facilities in Corfu, Lefkada and Kalamata.

1999 brought Kyriacoulis an increase of around 470 million drachmas in profits while the figure is expected to be further boosted in 2000.

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