08/04/2008 08:29
Aspis Executive Chairman, Pavlos Psomiades, sees strong growth for Aspis Holdings in 2008. In his interview to StockWatch, Mr. Psomiades said that Aspis will have revenues of more than €100 million in 2008 and that its profitability will exceed €35 million, excluding the scheduled acquisitions. The Company expects further strengthening of its profitability from ordinary activities and a slight decrease in its profits from other activities.
Mr. Psomiades said that his company invested in Cyprus due to its favourable tax regime, the proper infrastructure and the human resource.
“Cyprus must see the foreign capital and investments as a positive factor for the growth of the island’s economy and it should not put obstacles to satisfy certain businessmen and interests”, he said.
“The main aim of Aspis Holdings is its development in the insurance and financial sector with strong presence in Cyprus, Greece, Sweden, the Balkans and the Middle East at a later stage.
Mr. Psomiades also referred to Aspis’ investment moves and its targets via the acquisition of companies that are actively involved in different sectors.
Apart from the two Cypriot insurance companies, Aspis Pronoia and Liberty Life, the Company has acquired 38% of the Cypriot Universal Life, 51% of the Albanian Interalbanian SA, 95% of the Swedish Aspis Liv and 5% of the Greek Aspis Bank. It has also acquired 51% of Laser Investments, which finally bought Burger King and Coffee Beanery Europe, 60% of Athos Diamonds and 51% of Leda Investments.
According to the Executive Chairman, Aspis was the biggest investor in the island’s economy in 2007, when it proceeded with investments of €172 million. In 2008 it aims to invest €132 million.
“The additional investments will depend on the authorities’ stance against the company. Before proceeding with further investments, we would like to see how our case with Universal Life will develop and what the authorities’ reactions will be”, he concluded.
Mr. Psomiades said that his company invested in Cyprus due to its favourable tax regime, the proper infrastructure and the human resource.
“Cyprus must see the foreign capital and investments as a positive factor for the growth of the island’s economy and it should not put obstacles to satisfy certain businessmen and interests”, he said.
“The main aim of Aspis Holdings is its development in the insurance and financial sector with strong presence in Cyprus, Greece, Sweden, the Balkans and the Middle East at a later stage.
Mr. Psomiades also referred to Aspis’ investment moves and its targets via the acquisition of companies that are actively involved in different sectors.
Apart from the two Cypriot insurance companies, Aspis Pronoia and Liberty Life, the Company has acquired 38% of the Cypriot Universal Life, 51% of the Albanian Interalbanian SA, 95% of the Swedish Aspis Liv and 5% of the Greek Aspis Bank. It has also acquired 51% of Laser Investments, which finally bought Burger King and Coffee Beanery Europe, 60% of Athos Diamonds and 51% of Leda Investments.
According to the Executive Chairman, Aspis was the biggest investor in the island’s economy in 2007, when it proceeded with investments of €172 million. In 2008 it aims to invest €132 million.
“The additional investments will depend on the authorities’ stance against the company. Before proceeding with further investments, we would like to see how our case with Universal Life will develop and what the authorities’ reactions will be”, he concluded.
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