This is one of the largest acquisitions of a Cypriot company ever made, the Minister said after a signing ceremony to clinch the agreement Limassol.

He noted that such moves confirm that Cyprus has the potential to attract such significant foreign investments.

“It is with such moves that we will ensure the prospects of development for our economy, looking outwards, through maintaining and enhancing a favourable environment for entrepreneurship and investments which is something that will in turn create jobs and opportunities, to help take the country forward,” he added.

The Minister also said that he assured foreign investors that the state and the government will continue the effort to create a stable, secure and favourable economic environment for investment and business.

The Chief Executive Officer of Remedica, Charalambos Pattichis, assured that employees have nothing to fear from this development and referred to the prospects of creating new jobs as the turnover of the company, which will maintain its name, is expected to expand.

Source: Famagusta Gazette