Royal Olympic Cruises Taken Over By Louis

Shares in Royal Olympic Cruises Holdings Inc have been transferred to Louis Cruise Lines Ltd., as part of the latter’s purchase of a majority stake in Royal. The stocks represent 70% of the share capital of Royal Olympic Cruises Holdings Inc, which owns 51.42% of Royal Olympic Cruise Lines (ROC). The transfer took place at the Cyprus stock exchange.

In a statement, ROC said that this move opened new horizons for the company in the eastern Mediterranean and increased its competitiveness in the global tourism market.

Louis Cruise Lines Ltd. will release to the market the entire package of the Kioseoglou family’s shares and a portion of stocks belonging to the Potamianos family, which, together with Louis Cruise Lines, has a majority stake in ROC. Alekos Kioseoglou and Eleni Potamianou have joined the Cypriot firm’s board of directors. George Potamianos remains as chairman of ROC and its board of directors while Harris Haralambopoulos heads the new board of directors. Louis Cruise Lines’ Stelios Kilaris is the new president and CEO.

It is hoped the agreement will result in savings on operational costs as well as a boost in turnover for both firms. ROC aims to further expand, strengthen its position in the domestic and international market and retain its Greek character.