The Cypriot government plans to spin-off state-owned quad play operator Cyta by the end of 2015.
The privatisation will be one of a number public utilities the country is selling off to receive the next tranche of its €10bn bailout from the European…
The Cypriot government plans to spin-off state-owned quad play operator Cyta by the end of 2015.
The privatisation will be one of a number public utilities the country is selling off to receive the next tranche of its €10bn bailout from the European Union.
Cyta will be converted into a limited company by the end of the year with all its shares held by the government, according to the Cyprus Mail. Then, by 31 March 2015, a certain percentage of the incumbent’s share capital will be offered to employees.
PWC, which has been mandated to run a privatisation unit, will then scout a strategic investor to buy into Cyta. The country is aiming to complete this process by the end of 2015, the report said.
Cyta currently has a partnership agreement with Vodafone Group for its mobile services and operates as Cytamobile-Vodafone.
PWC is in the process of recruiting a head for the privatisation unit and the role is being advertised on the Cypriot ministry of finance website.
Cyta offers mobile and fixed-line telephony, cable TV, and broadband. In its last annual report it has published, for 2012, the incumbent recorded operating revenue of €452m and profit before tax of €48m.
