05/12/2014 07:21
The process for the selection of advisors in relation to the privatization of Cyta will be completed in mid December.
According to the Privatization Superintendent, Constantinos Erodotou, it is of great importance to ensure services from specialized consultancy firms of international scope, able to handle the high requirements of the privatization process of Cyta.
“Interest has been expressed from a satisfactory number of major global advisors for each of the four specialty areas, a development which is considered as very positive for the whole process” he said.
“The first stage of the process - the selection of the firms with the highest scores - has already been completed. In the second and final phase they will submit their technical and financial offer. It is estimated that the entire process for all four specialization areas will be completed in December”, he added.
According to the Memorandum, Cyta will be converted into a limited liability company by the end of the year despite the time constraints.
By the end of the year Cyta should be converted from a public body to a shareholding private company, with the state as the sole shareholder.
By March 2015, a decision should be taken on the percentage of the share capital that will be offered to employees on an individual or collective level (provident / pension fund) in accordance with the market rules.
The selection and completion of the process for the search for a strategic investor, who will have the necessary expertise and will contribute to the modernization and upgrading of the organization's activities, must be done by the end of 2015.
As for the Electricity Authority of Cyprus (EAC), Mr. Erodotou said that in cooperation with the competent Ministry, they are currently preparing documents for the appointment of an independent consultant to prepare a specialized study indicating the best possible way of EAC’s privatization.
The separation of the EAC activities into separate legal entities should be made until June 30, 2015.
Its conversion from a public in a shareholding private company with the state as the sole shareholder will be made by the end of 2015.
Cyprus Ports’ Authority
As regards to the Cyprus Ports Authority, it will be maintained as a public body, with the main purpose of exercising supervisory and regulatory role, which will be boosted by the end of 2014.
The management of the commercial activities of the Limassol and Larnaca ports can be attributed to the private sector. For Larnaca, the process is already underway on the basis of a public-private partnership (PPP).
As for the load-unload of containers / transit hub at the port of Limassol, based on current data, granting a long-term permit to an appropriate port operator, who will be selected following an international tender by the end of 2015, is regarded as the most appropriate option.
The privatization action plan aims to revenues of €1 billion by 2016 plus €400 million by the end of 2018.
According to the Privatization Superintendent, Constantinos Erodotou, it is of great importance to ensure services from specialized consultancy firms of international scope, able to handle the high requirements of the privatization process of Cyta.
“Interest has been expressed from a satisfactory number of major global advisors for each of the four specialty areas, a development which is considered as very positive for the whole process” he said.
“The first stage of the process - the selection of the firms with the highest scores - has already been completed. In the second and final phase they will submit their technical and financial offer. It is estimated that the entire process for all four specialization areas will be completed in December”, he added.
According to the Memorandum, Cyta will be converted into a limited liability company by the end of the year despite the time constraints.
By the end of the year Cyta should be converted from a public body to a shareholding private company, with the state as the sole shareholder.
By March 2015, a decision should be taken on the percentage of the share capital that will be offered to employees on an individual or collective level (provident / pension fund) in accordance with the market rules.
The selection and completion of the process for the search for a strategic investor, who will have the necessary expertise and will contribute to the modernization and upgrading of the organization's activities, must be done by the end of 2015.
As for the Electricity Authority of Cyprus (EAC), Mr. Erodotou said that in cooperation with the competent Ministry, they are currently preparing documents for the appointment of an independent consultant to prepare a specialized study indicating the best possible way of EAC’s privatization.
The separation of the EAC activities into separate legal entities should be made until June 30, 2015.
Its conversion from a public in a shareholding private company with the state as the sole shareholder will be made by the end of 2015.
Cyprus Ports’ Authority
As regards to the Cyprus Ports Authority, it will be maintained as a public body, with the main purpose of exercising supervisory and regulatory role, which will be boosted by the end of 2014.
The management of the commercial activities of the Limassol and Larnaca ports can be attributed to the private sector. For Larnaca, the process is already underway on the basis of a public-private partnership (PPP).
As for the load-unload of containers / transit hub at the port of Limassol, based on current data, granting a long-term permit to an appropriate port operator, who will be selected following an international tender by the end of 2015, is regarded as the most appropriate option.
The privatization action plan aims to revenues of €1 billion by 2016 plus €400 million by the end of 2018.
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