Glory Technology Ltd., one of the leading technology companies has received the Export Merit for Services during the 2004 Cyprus Export Awards ceremony, organised by the Commerce, Industry and Tourism Ministry and the Cyprus Chamber of Commerce and Industry (KEVE).
Glory Technology received the award for providing comprehensive IT and advanced turnkey solutions, as well as systems management and value added services to governments and private corporations active in the financial services sector based on the UGS fully automated system.
President Tassos Papadopoulos presented the award to Glory Chairman Nassos Ktorides during a ceremony at the International Conference Centre Tuesday where other companies that excelled in exports and services were also presented with the annual awards.
The award for big industries, employing more than 50 persons, went to dairy producer Petrou Bros Ltd. For small industries, employing less than 50 persons, the award went to the pharmaceuticals company Remedica Ltd. The EU award for small companies went to Carnic speed boat manufacturers, while for large companies it went to Muskita Aluminium Industries. The special award for the export of new products went to Kimarco Fishfarming Ltd.
The agricultural awards went to Alion Vegetable & Fruit Ltd. and Kourtellaris Imports-Exports Ltd.
Five Services awards were presented: they went to Louis Group involved in tourism, hotels and cruise management; Ergoserve Consulting; Glory Technology Ltd.; Kanika Hotels Public Co. Ltd.; and, Aqua-Sol Hotels Ltd.
Glory Technology is a member of the Quantum Corporation and a subsidiary of OPAP S.A., the Greek state-controlled gaming company listed on the Athens Stock Exchange, which holds a 20% direct stake in Glory Technology Ltd.
Quantum is involved in the management of IT and hi-tech companies and has a strategic stake in a local bank, as well as investments in property management and real estate development companies.
Quantum Corporation, through its 100% subsidiary Euroinvestment a.d., is the sole operator of an investment fund involved in the privatisation of state-owned companies in the Serb Republic.
Euroinvestment Fund boasts 14.522 private and legal shareholders including banks, financial services organisations and investors from Austria, Slovenia, Serbia, Croatia, Bosnia-Herzegovina and Cyprus who hold about 50% of the share capital.
The Investment Fund has achieved the second best return among 13 funds involved in the privatisation of state-owned companies, achieving a 22% return from the date of inception in 2001.
Euroinvestment Fund has a stake in five energy producing companies in the crucial and fast expanding energy production sector. It has a stake in two thermoelectric plants with a total combined capacity of 600 KW and three hydroelectric power plants with a total combined capacity of 825 KW. The total combined production of the electricity plants amounted to 4.657 KW during 2003.
Cyprus exports
Cyprus exports rose 9.6% in 2004 to CYP 233 mln from CYP 215 mln in 2003, while re-exports increased 19.3% to CYP 313 mln from CYP 262 mln a year earlier.
During the first eight months of 2005, Cyprus exports are up 5% while re-exports are up 40%.
