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Latomeia Pharmakas Group


Host Organization, Latomeia Pharmakas has a long history, in the quarry and construction sector, since 1977. Back in 1977, a company named Geotechnika Ltd began quarrying stone, gravel and sand from the first quarry now owned by Pharmakas Quarries in the village of Pharmakas in the Nicosia district. In 1986 K.M.G. (Pharmakas) Quarries Ltd was established by virtue of the Cyprus Companies Law, Cap 113, as a limited liability company, registration number 27427, and took over the quarry. In March 1999 the company acquired a license for a quarry as well as the equipment used for quarrying diabase rock (gravel and sand) in the villages of Politiko-Lazania, Nicosia district (part of the Machaeras forest).  Nowadays this quarry is inactive. On 3 June 1999, K.M.G. (Pharmakas) Quarries Ltd was renamed to Pharmakas Quarries Ltd.

On 17 December 1999, following the adoption of a special resolution, the company became public by virtue of the Cyprus Companies Law, Cap 113, and on 20 April 2000 the company’s stock was officially listed on the Cyprus Stock Exchange. Once quoted on the Cyprus Stock Exchange, the company expanded its activities in the ready-mixed concrete industry through the takeover of the companies A.G Kazanos & Son Contractors Ltd and Powermix Ltd. On 24 February 2005 Gerik Investments Public Ltd made a public offering to the Pharmakas Quarries shareholders to buy-out their shares, which on 15 April 2005 was considered successful as the percentage of the shares acquired by Gerik had exceeded 90%.  Following this successful public offering it was decided to write-off the stock of Pharmakas Quarries from the Cyprus Stock Exchange on Friday 17 June 2005. On 9 November 2006 Pharmakas Quarries Ltd made an entry in the Asphalt sector.  More specifically it signed a take-over agreement with Akis Christoforou Constructions Ltd which was renamed as Pharmakas Kedris Asphalt Ltd and later as Pharmakas Construction Ltd which deals with the supply and laying of asphalt.

In April 2007, Pharmakas Quarries Ltd announced the success of a public offering to buy out 60% of the shares of Unifast Finance and Investments Public Company Ltd, a real estate and land development company.  Unifast is listed on the Cyprus Stock Exchange on the Alternative Market. Following this, on 3 July 2007, Pharmakas Beton Ltd, a subsidiary company of Pharmakas Quarries Public Limited Company bought the company K. Kythreotis Concrete Ltd.  This is a company operating in the field of ready-mixed concrete. On 7 February 2008, Man Sales & Services (Cyprus) Ltd, a subsidiary of Pharmakas Quarries, signed an agreement with the German Group Man Nutzfahrzeuge AG to represent it on the Cyprus market. MAN trucks and buses are sold and repaired from its modern premises in Dali. On 19 February 2009 Strongend Holdings Ltd (a subsidiary of Pharmakas Quarries) went ahead with the acquisition of Gennadios Theologou & Sons Quarries Ltd which possesses an exclusive right to quarry in the Mitsero area. In March 2012 an agreement was signed with Unicars Ltd for the sale of 50% of the shares of MAN Sales & Services (Cyprus) Ltd. Unicars has also taken over the management and running of MAN. Early in 2013 the building of a plant manufacturing paving stones was completed within the premises of the Quarry in Pharmakas.  The plant specializes in cutting diabase and limestone in all kinds of sizes and shapes to be used as paving stones for roads, driveways and squares. In January 2013 The Birds Transportation Ltd Company specializing in the field of transport was bought out. Since 2014, the group started its activity abroad. Particularly, participates in the construction company Mild Construction LLC in cooperation with the companies Iacovou Brothers Ltd and A. Panayides Contracting Ltd as well as in the Precast Pipes production company Precast Solutions LLC in cooperation with Tsimentotechniki Ltd and A. Panayides Contracting Ltd, in Erbil – Kourdistan Region of Iraq and also expanded in Oman and particularly in the area of Duqm. There began operating a dolomite quarry through the company Al Duqm Crushers LLC. In the same area, through the company Concrete Solutions LLC, in cooperation with the company Ypsonas Prefabricated Materials Ltd set up a ready-mix concrete plant as well as a precast concrete materials plant in Duqm special economic zone (SEZAD).

Moreover, the group has participated in funded research projects. The most recent being the Proof of Concept (CONCEPT/0617/0071 – €41.665,60) co-funded from the European Commission and the Republic of Cyprus through the Research Promotion Foundation with main objective to develop the basic guidelines for a future research program that will investigate and introduce Self-Compacting Concrete in the market of Cyprus, and the QuaResE (LIFE 11 ENV/CY/859 – €861.515,00) co-funded from the European Commission and the Republic of Cyprus, with main objective to develop alternative methods for the production of bricks, ceramics and cement. The involvement of the group in this research project ensures the required research experience along with an environmental consciousness. The projected benefits from employing RCAs in standard practice are multiple, including among others, a life-cycle extension of the existing quarries and a better understanding of the mechanisms that define the materials’ performance.