CTC

Nine decades

and running

Cyprus Trading Corporation Plc, known as CTC, was established by the English during colonial rule and was initially registered as a commercial company, with the purpose of representing the internationally renowned American Caterpillar machines, for the needs of the Amiantos quarry. It was enrolled in the register of Britain’s colonial government, at number 18, with April 22nd 1927 recorded as the day of registration.

Nine decades and running

Cyprus Trading Corporation Plc, known as CTC, was established by the English during colonial rule and was initially registered as a commercial company, with the purpose of representing the internationally renowned American Caterpillar machines, for the needs of the Amiantos quarry. It was enrolled in the register of Britain’s colonial government, at number 18, with April 22nd 1927 recorded as the day of registration.

The first office was a house in Kato Amiantos that has long since been demolished. Beyond importing the Caterpillar machines, the company was also involved in the trade and processing of agricultural products. CTC remained British owned as a commercial company until 1984, when it was acquired by Nikos Shakolas, founder, creator and first CEO of the Shakolas Group and CTC.

Nicos.K.Shakolas.

CTC and Nikos Shakolas peers in a common history

In 1927, when CTC was established, Nikos Shakolas was born in Karavas, now in occupied Cyprus. He was a child in a large family, with his father a contractor and his mother taking over the housework. Since a young age he showed an aptitude for trade, even though his first choice was to become a lawyer. The 2nd World War, stopped his dreams short, so he followed a professional carrier in trade, initially as an employee of an olive-pomace oil factory and then a managerial position at the Severis Trading House in Nicosia.

The Cyprus Trading Corporation Ltd Registration Certificate, number 18, April 22nd 1927.

It seems that a certain kind of karma was at play between Nikos Shakolas and CTC. In 1953, he slowly but surely went into the trade of agricultural products business. Gradually, the small scale’Nikos.K.Shakolas’ company, turned into the ‘Shakolas Group of Companies’ expanding its activity beyond Cyprus, to Greece, Russia, Nigeria, to name a few. In 1984, CTC and Shakolas crossed paths when he acquired the entirety of CTC’s stock capital from the British. Initially, the company was one of the Group’s subsidiaries, but later became its flagship.

That same year, 1984, CTC became a public company and was admitted to the Cyprus Stock Exchange in 1989. Today, Cyprus Trading Corporation Plc, with a 87% stake by N.K.Shakolas (Holdings) Ltd, continues on its dynamic path, 94 years since its establishment, as the parent company of the Group.

A Shakolas house advertisement in ‘Eleftheria’ newspaper, early 1960s.

Recognition of social contribution

The contribution by both the CTC and Shakolas Groups, either through business development or giving back to society, has been highly appreciated over time by both Cyprus, at a social and institutional level, as well as other countries. The founder of the Groups, Nikos Shakolas, has received distinctions by leaders of seven foreign states and governments, such as the medal of the Honorary Member of the Order of the British Empire, OBE, two high level distinctions by the Italian government, the medal of the Order of the Legion of Honour by the state of France, as well as the medal of the Royal Order of the Polar Star by the King of Sweden. He was Honorary Council of Mexico for 17 years and was awarded the ‘Aztec Eagle’ medal, one of the highest honours bestowed in Mexico. He was also awarded the Medal of Excellence by the Republic of Cyprus and was honour by the Employers and Industrialists Federation, the Chamber of Commerce and Industry, the Church of Cyprus and other professional and political bodies.

Cement packaging on the Bonny Carrier ship factory, Nigeria.

Restoration of the former Limni mine habitat

The CTC Group considers the restoration of the habitat around the former Limni quarry as a great achievement, a significant contribution to the wider Polis Chrysochous area and society as a whole.

From 1937 to 1979, Limni was used as a copper and sulphur mine, resulting in the major deterioration of the natural characteristics of the area and the disruption of its ecosystem. Massive quantities of minerals and soil were moved and dumped in the area, creating a 900 meter long, 400 meter wide and 100 meters deep crater. Similar environmental repercussions were suffered by the Limni coast.

The idyllic Limni area, near Poli Chrysochous.

In 1983, the Shakolas Group bought the Limni area from the Cyprus Sulphur & Copper Co.Ltd. The ‘Limni Bay’ project was implemented, leading to the creation of two golf courses and other relevant developments, fully restoring the area’s natural habitat and protecting the turtle nests coast. Following licensing by relevant government departments and based on an environmental study, 12 million cubic meters of mine materials and other scrap and rubbish were moved from the area back into the crater and sealed. The whole restoration process took three years, from 2008-2011. The Shakolas Group also took over the reconstruction of the 150 meter long Limni power, quite a characteristic element of the area.

Life Lessons

This publication coincides with the island wide circulation of the Nikos Shakolas book, ‘NIKOS.K.SHAKOLAS-My Stories, Experiences, Life Lessons’.

It is a compact account of first person narration on his life experiences and adventures, with valuable pearls of wisdom for young businesspeople and beyond.

The reader of the book is taken on a journey through the man’s professional life, finding out how well planned and bold moves, led Nikos Shakolas to the creation of one of the largest business organisations in Cyprus.

Nicos.K.Shakolas.

It takes a detailed look at the Shakolas professional steps, particularly innovative ones, such as the Bonny Carrier ship cement factory in Nigeria, a global first, the first Malls in Cyprus and the international consortium Hermes Airports Ltd for the Larnaca and Paphos airports. A personal creation.

It includes life lessons such as:

◗ Persevere and claim your own ground when you’re right

◗ Rush moves are costly, leading to serious mistakes

◗ You can’t stand in the way of growth

◗ Never leave anything to chance

◗ Education is necessary, but not without constant, unihindered training

The Nikos Shakolas principles boil down are summed up in the following motto:

‘People must always strive forward, learn, claim what’s right and fair, persevere, recognise their mistakes, be understanding forgiving, always decent and dignified, contributing to society’.

The book is available free of charge at the Group’s offices.

SOCIAL CONTRIBUTION

The CTC Group displays a major contribution to society through many different actions.

As the Group puts it:

‘We have an obligation to make a contribution to the individual and society as a whole with donations, sponsorships and charitable actions in rewarding their support. Within such a framework, we have always financially supported national, social, charitable and culturally themed actions and causes, such the founding and operation of the Marios and Arsinoi museum and the Poli Chrysochous cultural centre, the construction of the Karavas Cultural Foundation and the creation of the ‘Nikos.K.Shakolas Karavas Scholarships Foundation’ to support excellent students from the occupied Karavas community.

‘We are particularly sensitive when it comes to children and youths. Amongst other actions, of particular importance was the 2012 contribution, when many families had trouble feeding their children. In cooperation with the Education ministry, we launched a programme for the daily provision of breakfast to thousands of disadvantaged primary school children. This continued through to the summer of 2016, with a cost of more than 1.5 million euro. In addition, along with the ‘Sophia for Children’ organisation, we support their ‘Cook and Provide’ programme implemented across 16 all day primary schools with daily lunches for all children. CTC Argosy and Ermes also systematically provide basic foodstuffs and clothing to poor families and relevant organised bodies. We also supported people who were hard hit by recent fires both in Cyprus and Greece’.

The architectural design of the ‘Nikos.K.Shakolas’ Medical School and Health Sciences building of the University of Cyprus.

Standing out amongst the most significant CTC Group actions, is the donation of 4.5 million euro to the University of Cyprus for the ‘Shakoleio Clinical Medicine Training Centre’ and 9 million for the establishment of the Medical School.

Pictured here is the architectural design of the Nikos.K.Shakolas Medical School and Health Sciences building at the University of Cyprus.

The multidimensional CTC Group

Cyprus Trading Corporation Plc (CTC) is one of the leading and most diversified business groups in Cyprus. It heads up a number of specialised companies. The range of CTC’s activities, a major factor in its success, extends to the following main sectors:

Popular consumer goods

Importing, distributing and management of wide consumption cosmetics and luxury perfumes. Argosy Trading Co Ltd enjoys a leading position in distributing the popular F.M.C.G. consumer products in Cyprus to at least two thousand shops, representing more than 90% of the market.

It runs a wide range of internationally successful commercial brands, most of which are in the three top positions of their category in market share, satisfying quite a number of consumer needs. They include Activia, Airwick, Cillit, Colman’s, Dettol, Dodoni, Elite, Energizer, Findus, Galaxy, Hawaiian Tropic, Twix, Kellogg`s Special K, Jacobs, Libresse, Libero, Mars, Melissa, Oreo, Pedigree, Pringles, Philadelphia, Philips, Rickmers Bali, Tena, Vanish, Veet, Whiskas, Wilkinson, Zewa, 3M Scotch Brite, and 7Days.

CTC Argosy National Distribution Centre.

Argosy is also a major supplier in the Food Service/HORECA sector (hotels, restaurants and so on), directly providing service to 1700 stations. Benefiting from its own technologically advanced national distribution centre, it adheres to the highest European standards and specifications of its suppliers in securing the best quality for the consumer.

In addition, Cassandra Trading Ltd is a leader in tobacco products distribution across Cyprus, directly covering more than 1800 stations with Philip Morris International products, both conventional and heated tobacco products. It also manages the autonomous ΙQOS stores.

In the cosmetics and perfumes sector, Artview Co.Ltd runs the Christian Dior luxury products on the Cyprus market, as well as the Foreo facial care devices. In the framework of a relevant deal, Argosy also provides logistics and distribution services for the afore mentioned brands as well as a wide ranging portfolio of world class luxury and premium cosmetics and perfumes.

The ERA department store in The Mall of Cyprus.

Retail trade, Fashion and DIY

Retail trade-fashion, beauty, F&B, home renovation and DIY. In this sector, Ermes Department Stores Plc is CTC’s main branch. It constitutes one of the largest retail trade organisations in Cyprus, with 62 stores (five in Greece), with over 67 thousand square meters of commercial space.

Its shops include ERA department store, ZAKO, both its own and franchise stores, Next, OVS, Navy & Green, Armani Exchange, Women’secret and Glow. In the home renovation and DIY sector, Superhome Center (DIY) holds a leading position with six spacious stores across Cyprus. It secured ‘2020 Business of the Year’ in the In Business Awards.

The new Superhome Center (DIY) in Lakatamia.

Vehicles and machinery

The company is active with two companies, CTC Automotive and CTC Auto Leasing. CTC Automotive trades in passenger cars Volvo and Hyundai and commercial vehicles Iveco and Scania, the Caterpillar heavy machinery and photovoltaics, Michelin tyres, BF Goodrich and Riken, the Total lubricants, Hilti professional tools and Philips lighting. With showrooms in all cities, it provides 24 hour technical support. Each brand works as a separate Business Unit, focusing on the high standards of sale and after-sale service of its supplier. CTC Auto Leasing is oriented towards businesses, providing passenger and commercial vehicles, going up to 3.5 tonnes.

The Hyundai showroom in Nicosia.

Infrastructure works

There is also major investment on infrastructure works, today through investing and contributing in Hermes Airports Ltd on the development and management of the Larnaca and Paphos airport until 2031.

Vision and values

The Group’s vision is ‘to be leaders in everything we do and through a spirit of reciprocity, achieve continued sustainable development, adding value for customers, associates, shareholders, our own personnel and society’.

These values are clearly set out in the Group’s Business Behaviour Code, so everyone will

  • work with integrity and responsibility
  • show respect
  • act as a group
  • be effective
  • strive for constant improvement.

‘The CTC Group Business Behaviour Code sets high standards of ethical and responsible professional conduct and defines common values and principles to be followed by all personnel and subsidiaries in their duties’.

CTC in the new era

But what about tomorrow’s challenges?

‘We are living in constantly changing times with increasing challenges. New consumer habits and needs, as well as the climate crisis, are affecting the way in which we operate as a business, but also show the way in how to formulate our strategy. The CTC Group’s multidimensional character, the wide range of its globally renowned products, client service island wide, as well as the company’s structure and a management of hard working, specialised professionals at all levels, allow us to deal with the challenges with confidence and optimism, utilising new opportunities’.

The human factor

Personnel well being is a priority for the Group.

‘The human factor is the most important element in CTC’s course and overnight success. Being one of the biggest employers in Cyprus, with 1.700 employees, we focus on securing a working environment where every individual enjoys respect, equal treatment and opportunities, through transparent and objective procedures. We invest in personnel training and growth, as well as health and safety issues. CTC has been certified as an ‘Equality Employer’ by the relevant national body’.

Sustainable development

The Group focuses on setting out a viable development strategy.

‘When formulating a sustainable development strategy, there’s a vital role to be played by all stakeholders, including personnel, clients, associates, shareholders and the executive board. Through effective interaction and exchange of ideas, with readapt our corporate goals accordingly, improving our products and services and responding to social needs and expectations. At the same time, climate change/crisis and its repercussions formulate a new environment that beyond any negative outlook, brings to the fore new possibilities of financial and technological development, opening up new business models and markets. We believe that a constant, all round, comprehensive review of these new realities in the entirety of our activities, is an absolute necessity.

The different business sectors we operate in, our market role and size, provide CTC with the opportunity of a dynamic presence, with the products we manage reaching thousand clients and customers. We always appreciate and respect our trust and such success brings about the need for greater responsibility on our part, when it comes to professional behaviour levels, operational effectiveness, date safety, risk assessment, supply chain management, health and safety, client service and satisfaction.

Based on market trends and responding to the new way of life and different eating habits, we are adding more range to our products, such as gluten free, non-genetically modified and protein rich foodstuffs, vegan products and other relevant products. In fashion, our clothes are made from materials with less environmental repercussions, such as recycled or organic cotton fibers, as well as linen and wool produced without the use of hazardous chemical substances.

Our activities at CTC Automotive are in line with the new clean energy trends and promote green and viable products on the market. Our new CTC Smart Energy department aims at providing high quality solutions connected to saving energy and energy efficiency, such as lighting, photovoltaic systems, electrical vehicles charging station and energy saving battery systems.

Furthermore, we recognise the importance of reducing the environmental imprint of the products we provide to the Cyprus market, as well as the effect of all our activities. We promote environmental actions that aim towards a carbon free, fossil fuel free society, in harmony with nature, as well as recycling and strengthening the environmental awareness and vigilance of our personnel’.

As of March 2021, CTC is run by a Management Board, the executive arm of the Executive Board, with Dimitris Dimitriou as president.

Historical landmarks of the Shakolas and CTC Groups

1927 Establishment of Cyprus Trading Corporation Ltd.

1953 Nikos Shakolas launched his business life with the first commercial transaction being the export of dried apricots to England.

1974 The Group was dealt a devastating blow by the Turkish invasion, with almost the complete loss of offices, facilities and vehicles in Famagusta and significant real estate property in the Keryneia district. It re-emerged in the fall of the same year with the sale of cement to Lebanon.

1978 Trade activity in Nigeria, in cooperation with ‘Heracles General Cement’ cement production company, through the Bonny Carrier cement packaging factory ship, on the Bonny river estuary, a highly profitable global innovation.

1983 Acquisition of Cyprus Sulphur & Copper Co. Ltd at the Limni area in Poli Chrysochous, from its major shareholder Sir Jacob Rothschild. This was followed by major natural  environment restoration works and development planning of the ‘Limni Bay’ resort, with two golf courses. Τhis investment was sold in 2018.

1984 saw the acquisition of Woolworth Cyprus from Woolworth’s England and operation of the first department store at the Makarios Avenue in Nicosia. This led to further stores and department stores chains, as well as the creation of Ermes Department Stores Plc, a branch of CTC Group in retail trade.

1984 Acquisition of CTC which became a public company and it registered in the Cyprus Stock Exchange in 1989.

1986 Acquisition of Argosy, distributing Mars and Kellogg’s, amongst other products and Cassandra, representing the Philip Morris International tobacco products. This marked the CTC Group’s entry to the import and distribution of the popular consumer goods sector.

1980-1999 The Group becomes active and quickly takes a leading position in the Insurance sector: Establishment of Pan European Insurance and Euroinvestment & Finance και acquisition of Philiki Insurance and Interamerican. The disposal of the insurance companies investment with a significant benefit for the Popular Bank on January 8 1999, was considered as the event of the year, having a major positive effect on the stock market, leading to big gains for the stock holders of these companies.

 1995-2007 Participation of the Group in Christis Dairies, holding 50% of its stock capital.

1998 Investments in the walled city of Nicosia which contributed to the rejuvenation of the area; Shakolas Tower, Ledras Gallery , a modern underground parking area, Ledras Museum-Observatory.

1999 Opening of the first Superhome Center (DIY) in Strovolos.

Signing of the final agreement between Hermes Airports Ltd and the Cyprus government on the airports management. London, 11 to 12 May 2006.

2000 A Nikos Shakolas initiative leads to the establishment of Hermes Airports Ltd, an international consortium of specialised companies in the fields of construction, management and operation of airports. Construction and management (until May 2031) of the Larnaca and Paphos airports through the BOT method. The signing of the final agreement (Concession Agreement) with the Cyprus government took place in London at dawn on May 12th 2006. CTC is the largest Cypriot shareholder with 11.34%. Nikos Shakolas was the first president and is now Honorary Life President. CTC was also the 50% shareholder in CTC-ARI Airports Ltd, involved in the management of the airports stores and the 50%+ shareholder in Cyprus Airports (F&B) Ltd, along with CTC-ARI.

2007 Creation of Mall of Cyprus and Mall of Engomi, the first Malls in Cyprus.

2013-2020 Disposal of a number of mature investments, leading to a significant reduction in the Group’s banking obligations.

Διεύθυνση.

Cyprus Trading Corporation Plc
Shacolas House, Athalassa
200, Lemesos Avenue
2025 Strovolos
P.O.Box 21744
1589 Nicosia,
Cyprus

Τηλέφωνο.

+357 22 740 300