Cypriot incumbent Cyta has made Yiannis Koulias the new CEO of its Greek fixed-line and broadband business, Cyta Hellas.
Koulias takes over from George Koufaris who resigned from the state-owned operator recently.
The new CEO will continue to oversee…
Cypriot incumbent Cyta has made Yiannis Koulias the new CEO of its Greek fixed-line and broadband business, Cyta Hellas.
Koulias takes over from George Koufaris who resigned from the state-owned operator recently.
The new CEO will continue to oversee Cyta’s wholesale operations and subsidiaries Cyta UK and Cytaglobal Hellas.
The Cypriot government plans to spin off Cyta by the end of 2015.
The privatisation will be one of a number public utilities the country is selling 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 local reports. 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.
