Woolworth decided not to complete the negotiations with an investment company for the sale of the share capital that it holds in ITTL.

According to an announcement released on Friday, “the Board of Directors of Woolworth (Cyprus) Properties Public Ltd believes that it is to the Company’s benefit not to continue the negotiations with certain investment organization in relation to the sale of shares that the Company holds in ITTL Trade Tourist & Leisure Park Ltd, which is owner of Shacolas Emporium Park that will host “The Mall of Cyprus”, the Swedish chain store IKEA and other trading and cultural activities”.

Despite the unfruitful negotiations, the Group is examining new proposals by other European investment companies and is in negotiations with an organization, owner of Malls in many countries, which is interested in acquiring either the entire share capital of ITTL or the majority stake.