At its meeting today, the Council of Ministers approved the completion of the process for the state’s acquisition of the Rialto Theater building, as well as its lease to the Limassol Municipality, while also establishing the framework for the theater’s administration, operation, and funding.
Deputy Minister of Culture Klea Papaellina stated after the meeting that “The Cabinet today approved the completion of the process for the State’s acquisition of the Rialto Theater building,” while at the same time “it approved the lease of the Rialto Theater building to the Limassol Municipality under the terms governing the lease of real estate granted to local government authorities.”
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Regarding the company’s management, he noted that the Limassol Municipality’s initiation of the necessary procedures for the appointment of a new board of directors was approved, “in a manner that will facilitate future collaboration with cultural organizations and municipal groups.”
He made special mention of the employment status of the 12 permanent employees of the Rialto company, noting that the relevant procedures will be carried out by the company’s board of directors and the Municipality of Limassol, in collaboration with the Department of Public Administration and Personnel of the Ministry of Finance. The goal, as Ms. Papaellina stated, is “to ensure that the employment status of Rialto’s 12 permanent employees remains unchanged, as they will remain employees of the company and all their employment benefits, as well as their working hours, will be maintained in the new company to be established with the Limassol Municipality as its sole member.”
Regarding state funding, the Deputy Minister stated that “a grant of €250,000 was approved for 2026, €125,000 for 2027, and €75,000 for 2028, in accordance with the Limassol Municipality’s request; however, no further state grants will be provided after 2028.”
When asked by a reporter about the cost of acquiring the building, the Deputy Minister clarified that the meeting’s agenda concerned the lease and the overall management framework of the theater. “Today, the topic of the Cabinet meeting was essentially the same. The ownership status, as well as the operational and financial framework of the Rialto Theater Company and the Rialto Theater itself, and the transfer of the Rialto Theater building and the Rialto Theater Company to the Municipality of Limassol,” he said.
