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Papaellinas Group of Companies makes another strategic move of immense importance. After having signed all relevant agreements on 18/2/2010, the company Demetriades & Papaellinas Ltd is now fully controlled by the Group.

Demetriades & Papaellinas Ltd was established in 1997 by the chairman of Papaellinas Group of Companies Mr. Andreas Papaellinas and the late Sophocles Demetriades following the merge of Ciba Geigy, represented in Cyprus by the company S. Demetriades, and Sandoz, represented in Cyprus by Ch. A. Papaellinas& Co Ltd. On the basis of this previous agreement, each company owned 50% of the property of Demetriades & Papaellinas Ltd. Through this new agreement, Papaellinas Group of Companies has taken over the remaining 50%, and so the Demetriades family has rounded off a successful business presence in the field of pharmaceuticals going back to 1920.

The main task of Demetriades & Papaellinas Ltd, which is already a member of Papaellinas Group of Companies under the leadership of General Manager Pavlos Michaelides, shall continue to be the provision of distribution and merchandising services for the products of Novartis, one of the largest pharmaceutical companies worldwide, which on January 1^st has also established a subsidiary company in Cyprus.

The intention of Papaellinas Group of Companies is to preserve the entity of both the company and the company name showing respect towards the historical displacement and value of the name Demetriades and also towards the memory of the late Sophocles Demetriades.

Despite today’s tricky economic environment, Papaellinas Group of Companies takes over full control of Demetriades & Papaellinas Ltd and conquers once again the leading position in the field of pharmaceuticals distribution, which was its first business activity back in 1929 enhanced afterwards through the import and distribution of popular consumers items, as well as the import, distribution and retail sale of cosmetics and fragrances, and it still retains leading position in the relevant market fields.