Logicom Annual General Meeting 2019

The Logicom 20th Annual General Meeting was held on May 30th at the Hilton Hotel in Nicosia.

The Meeting was attended by 25 shareholders in person, and 12 shareholders via proxy, representing a total of 72.3% of the issued shares.

As part of the proceedings, the Board of Directors’ Annual Report, the Audited Separate and Consolidated Financial Statements, the Corporate Governance Report, and the Auditors’ Report for 2018 were submitted and all were approved by the shareholders. The shareholders also approved a dividend payment of €0.07 per share (20.59% on the nominal value of the share) that corresponds to 23.29% of the Profit Attributable to the Shareholders. The directors Mr. Takis Klerides and Mr. Nikos Michaelas, retired pursuant to the rotation process, were reelected by the shareholders. 

Mr. Takis Clerides, presiding over his first Annual General Meeting as Chairman of the Board of Directors, addressed the departure of former Chairman, Mr. Adamos Adamides in his speech to the shareholders, thanking him for his service: “It is with great responsibility that I take over the position left by our dear friend Adamos Adamides, who served as Chairman of the Company for 19 consecutive years. During his long tenure at the helm of the Company, those of us who had the good fortune to work alongside him have gained a great deal from his leadership skills, his democratic nature, and his ethos.”

He thanked the shareholders and members of the Board of Directors for the trust they placed in him, and commended the Logicom Group for yet another year of steady, positive results, stating: “We have progressed on our journey, taking advantage of the opportunities available to us in the markets in which Logicom operates, and successfully addressing challenges. At the same time, we have remained focused on our long-term goal for balanced, responsible, and sustainable growth, embracing change and accelerating the pace of our innovation.”

In his address, Logicom Managing Director and Vice-Chairman of the Board, Mr. Varnavas Irinarchos, welcomed shareholders and went on to address the Logicom Group’s focus and priorities, as well as the Company’s success in the past year. The most notable development in 2018 was the Group’s increased participation in the share capital of Demetra Holdings PLC. Mr. Irinarchos noted that Logicom has “recognized the strong prospects of Demetra Holdings PLC and proceeded to increase our Group’s share in the company’s share capital to 29.6%, effectively becoming the largest shareholder.”

Mr. Irinarchos went on to explain that through the Company’s collaboration with some of the biggest global pioneers in innovation, Logicom has firsthand access to all new technological developments and is able to act upon them immediately and effectively: “Our Group has long been strategically positioned in the most advanced technology sectors and has established its position among the leading providers of technology products, solutions and infrastructure.”

Mr. Irinarchos also emphasized the prevalence of cybercrime, and the need for mitigating this risk. “In the Distribution sector, thanks to our close cooperation with Cisco, we have made significant investments in the areas of Advanced Security, allowing us to effectively and fully support our customers in the rapidly developing segment of Cyber Security.”

He also commended Logicom’s expansion of operations in the more traditional areas of technology. This includes a strengthening of the cooperation with important and strategic vendors such as Oracle, which, in addition to the existing partnership, has also appointed Logicom as distributor in 6 countries, including Greece, Cyprus, Malta, Albania, Kosovo and Northern Macedonia.

He notes: “We have additionally focused on more effective market coverage and full alignment of our strategy with that of our vendors. We are particularly proud that this effort has been recognized through the many distinctions that our Group has received from almost all our major vendors.”

Mr. Irinarchos also expanded on the strengthening of the Company’s Services offering in the areas of Digital Transformation, Big Data, Business Analytics, Cloud Computing, and Cyber Security, and the Group’s ability to deliver complex projects in these areas.

Finally, Mr. Irinarchos expressed his pride at Logicom’s investments and achievements in its home base of Cyprus, explaining: “Beyond our goals and endeavors relating to our business plans and prospects, we also believe that it is the duty of companies to set targets and implement plans in order to contribute positively to environmental, social and other issues that arise within the society in which these companies operate.”

In undertaking this commitment to Corporate Social Responsibility, Logicom is the first company in Cyprus to have implemented the recommendations of the international ISO 26000 Standard, ‘Corporate Social Responsibility.’ The Group’s many CSR activities include, among others, the offering of 15 post-graduate scholarships to Cypriot students in the areas of Cloud Computing, Artificial Intelligence, Big Data & Analytics, Cybersecurity, Internet of Things (IoT), Machine Learning and Blockchain, as well as, the Company’s continued sponsorship of Cyprus’ major running event, the Logicom Cyprus Marathon.

In closing, Mr. Irinarchos expressed his confidence for the future, affirming that the Logicom Group “will always remain restless and constantly alert, always on the lookout for new endeavors that will add value to our organization.” He ended his address by thanking the Board of Directors, Management Team, Staff, Shareholders and all stakeholders for their support and trust.