Decision CPC 24_2022

ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑ Decision CPC: 24/2022 Case Number: 08.05.001.022.015 THE CONTROL OF CONCENTRATIONS BETWEEN ENTERPRISES LAW No. 83(Ι)/2014 Notification of a concentration concerning the acquisition of My Mall Limassol by Dorsel (B.A.Z.) Ltd and Ari Real-Estate (Arena) Investments, via Limassol Mall Ltd. Commission for the Protection of Competition: Mrs. Loukia Christodoulou, Chairperson Mr. Andreas Karydis Member Mr. Panayiotis Ousta Member Mr. Aristos Aristeidou Palouzas Member Mr. Polynikis-Panagiotis Charalambides Member Date of Decision: 18th of April 2022 SUMMARY OF THE DECISION On 31/03/2022, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of Dorsel (B.A.Z.) Ltd (hereinafter the “Dorsel”) and Ari Real-Estate (Arena) Investments (hereinafter the “Arena”), a notification of a proposed concentration. The notification was filed according to Section 10 of the Control of Concentrations between Enterprises Law 83(I)/14 (hereinafter the “Law”). The notification concerns a concentration, according to which, Dorsel and Arena intend to acquire My Mall Limassol (which it consists of 4 companies) (hereinafter the “MyMall” or the “Target”), via Limassol Mall Ltd. The companies participating to the transaction are the following: • Dorsel is a company duly registered under the laws of Israel. It is a real estate investment company, which it is active in the identification and purchase of 1 yielding assets, as well as the initiation and development of yielding real estate projects in industrial parks. It is a public company, listed on the Tel Aviv Stock Exchange and is part of the Synel Group. Synel Group is one of Israel’s leading enterprise IT groups providing a wide range of integrated software and hardware solutions for workforce management in organizations (payroll, timekeeping, HR recruitment, employee engagement, pension savings as well as cabling and clearing investment, access control, and intelligent analysis and management of physical security systems), while also providing training and professional and technology consulting services in payroll controller and employment law that help employers and executives handle critical organizational issues efficiently, economically and profitably.  Arena is a company duly registered under the laws of Israel. It invests and manages yielding real estate in Israel and is a public company, listed on the Tel Aviv Stock Exchange. It is controlled by Abou Yehiel Construction Company, which is controlled by Mr. Zachi Abou.  Limassol Mall Ltd is a company duly registered under the laws of Israel. It has been established jointly by Dorsel and Arena for the purposes of the proposed transaction. It has no other activity in the Republic or abroad.  The Target in this concentration is the business and real estate of the homonymous shopping center located in Limassol. It is a shopping center that is built in a complex of 4 blocks and consists of the following four Cypriot companies: -Tiffany Investments Ltd (owns [………] %) and Pearland Investments Ltd (owns [………]%) are the owners of the plot on which MyMall is built and the building complex, -AML Malls Holding Ltd is the holding company that owns 100% of Tiffany and -MIM Services Ltd is the company that manages MyMall. AML, Pearland and MIM are currently linked through mirroring ownership percentages [………]. 2 This concentration is based on the Share Purchase Agreement (hereinafter the “SPA”) dated 24/02/2022. As stated in the Agreement, Dorsel and Arena intends to acquire My Mall, via Limassol Mall Ltd. The Commission, taking into account the facts of the concentration, has concluded that this transaction constitutes a concentration within the meaning of section 6