A proposal by Cyprus’ incumbent telco Cyta and other semi-governmental organisations (SGOs) to obtain a €1.4bn loan to avoid privatisation has reportedly generated interest from three overseas entities.
Cyta chairman Stathis Kittis told Cypriot…
A proposal by Cyprus’ incumbent telco Cyta and other semi-governmental organisations (SGOs) to obtain a €1.4bn loan to avoid privatisation has reportedly generated interest from three overseas entities.
Cyta chairman Stathis Kittis told Cypriot state broadcaster CyBC that two entities from the UK and one from the US are interested in considering the proposal, daily CyprusMail reported. Kittis did not name the entities.
The chairman reportedly said that the boards of involved organisations would meet soon to discuss the matter.
Cyprus’ €10bn bailout package with international lenders should see the state raise a total €1.4bn from privatisations by 2018, the report stated.
Kittis was quoted as saying that it would be unfair to sell off such a valuable part of the country’s economy, adding that the state could proceed with privatisations when conditions improve.
Kittis previously suggested that affected SGOs set up an entity to raise €1.2bn by mortgaging property and securing loans with international organisations, the newspaper report stated. The loans could come from Chinese banks, HSBC, BofA and others which have shown interest in lending to “credible organisations”, Kittis was quoted as saying.
Cyta was not available for comment.
