Cash injection of 20 mln euros into J&P

Cypriot-owned construction group J&P Overseas is expected begin its new strategy of growth with Athens-listed J&P Avax, as is evident from the upcoming 20-million-euro share capital increase of the Greek subsidiary that its shareholders recently approved.

The process will the Joannou family’s stake increase from 5 percent to 24 percent, while the stake of J&P Investments will drop from 41.59 percent to about 28 percent.

It follows the rapprochement between the parent company’s main stakeholders, the Joannou and Paraskevaides families, after overcoming the problems that had existed between them, according to Cypriot media.