Melco to buy out Hard Rock

Melco International Development Ltd, will assume the majority stake of 70.74 per cent shareholding of the integrated casino resort project with the agreement to purchase Hard Rock’s interest in the company.

According to a Melco press release, the company currently holds 35.37 per cent and has entered an agreement to purchase Hard Rock’s interest, completion of which is subject to the approval of the Cyprus government.

The remaining 29.26 per cent belongs to CPZL (the Cyprus Phassouri (Zakaki) Limited).

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.