He noted that through the recently passed legislation, the Service has taken over, in addition to Cooperative Societies, Social Societies
95% of the main co-operative societies are today in a fairly good condition, despite the situation they were in ten years ago, said the Superintendent of Co-operative Societies, Kypros Protopapas, during the presentation of the budget of the Co-operative Societies Service to the Finance Committee of the Parliament.
“We received the remaining part of the Partnership, after the credit, in a very bad condition and with hard work we have today managed to have 95% of our companies in a fairly good condition”, noted Mr. Protopapas.
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He referred to companies in which the former Co-operative Central Bank was a major shareholder and by law had to leave. He specifically mentioned SEDIGEP Astromeritis-Troodos, a large juice industry, and SOPAZ for animal feed, in which SKT was a 90% shareholder.
“We believed and we believe that there was a win-win situation with both the state and the companies in that the companies remain operational and get the millions that the state gave.” This was done, as he said, as a result today, SEDIGEP in Astromeritis, which employs more than 100 people in a remote area and exports to more than 60 countries, with a turnover of €135 million and SOPAZ, which exceeded €100 million . turnover of animal feed and agricultural essentials throughout Cyprus, to be profitable companies, in difficult situations, such as the large increases in the prices of raw materials.
Furthermore, the Commissioner noted that through the legislation passed recently, the Service has taken over, in addition to the Cooperative Societies, the Social Societies.
The President of the Finance Committee, Christiana Erotokritou, said that “we want to expand your turnover, to give you all the weapons you need your Service so that many more people can join as social formations”.
The budget of the Service includes €497,135 for operating costs, of which 56% concerns a project financed by the EEA for Corporate Social Responsibility. In addition, in the budget there is a budget of €2,559,112 for payroll, of which, as Mr. Protopapas noted, more than €1.3 million concerns 20 employees who are seconded to other services.
