DECISION OF THE COMMISSION FOR THE PROTECTION OF COMPETITION

Vassiliko Cement Works Public Company Ltd (the “Company”) announces that the Commission for the Protection of Competition (the “CPC”), by its letter dated 24/02/2023 has notified the Company of its decision to impose an administrative fine of €5.070.950 in view of its findings regarding alleged excessive pricing of grey cement in the domestic market for the period 2013-2018.

 

The Company has always followed a commercial and pricing practice, fully in line with the local and European legislation on the protection of competition. Unfortunately, the relevant findings of the CPC are based, among others, on an unjustified and incorrect comparison of the domestic market sales prices with those of the Company’s exports prices.

 

With regards to the position and the findings of the Commission, the Company states that whilst it respects the institutional role of the CPC, it strongly disagrees with its findings and decision and believes that information it has provided to the CPC and relevant independent experts reports appear not to have been taken into consideration.

 

The Company informs its shareholders that it will file a recourse before the Administrative Court for the annulment of the above-mentioned decision of the CPC.

 

In conclusion, the Company would like to reiterate that it fully comprehends its social responsibility as a result of its significant position in the Cypriot industry and economy at large and reaffirms its long-term commitment and respect to all its associates, clients and social partners.

 

24 February 2023