02/03/2015 07:18
Cyta is under examination in connection to the competent authority’s preparation for the privatization of the telecommunications company.
Despite the general difficulty regarding the implementation of the program and despite minor delays, the privatization process seems to proceed and, at this stage, data are collected and analyzed.
Before the sale of the state’s share in Cyta, until the end of the year, three procedural phases will precede which will help filter the final choice of the investor.
The four consultants of the privatization unit have been selected and signed the relevant contracts and began work.
As the head of privatizations Constantinos Herodotu told StockWatch, the preparation process, will take around two to three months.
The preparatory process will be followed by the process of finding a strategic investor, which, he says, is complicated with successive evaluations aimed at finding the best possible investor.
The open invitation for demonstration of interest will come first.
Then the process of submission of non-binding proposals and selection of candidates based on transparent and non-discriminatory criteria will follow and those selected will have to submit binding proposals.
Already the first direct meetings with senior officials of Cyta were held and a dynamic cooperation began to be created.
"We explained the procedures to Cyta and we started working with them."
Of primary importance, he said, is the collection and analysis of Cyta data.
"You cannot begin the process of finding a strategic investor if you don’t have all the material that makes up the structure of an organization under privatization in order to avoid unnecessary delays which are costly and repel serious investors," observed Mr. Herodotu.
"Only a good preparation will create opportunities to attract serious investors for the long term benefit of Cyta», he added.
He notes that "an important step in the overall effort of finding a strategic investor for the organization is that this process will involve the senior management of Cyta».
Employees and parliamentary parties will be kept fully informed in the context of transparency.
Already two meetings were held with the leaders of the employees.
The views and suggestions, he stressed, are not ignored. Instead they enhance the overall effort.
Regarding the four consultants of the privatization unit, Mr. Herodotu notes that Citigroup is one of the most experienced regarding the process of attracting investors in the field of telecommunications.
It will be accompanied he said, by the auditing firm PWC, which has assumed the accounting analysis of the organization.
As legal advisers, two legal offices have been selected. Andy Triantafyllides' domestic office and an international law firm, Shearman & Sterling.
As technical marketing consultant the firm Roland Berger was chosen, which, according to Mr. Herodotu, carries a vast experience in such procedures.
Despite the general difficulty regarding the implementation of the program and despite minor delays, the privatization process seems to proceed and, at this stage, data are collected and analyzed.
Before the sale of the state’s share in Cyta, until the end of the year, three procedural phases will precede which will help filter the final choice of the investor.
The four consultants of the privatization unit have been selected and signed the relevant contracts and began work.
As the head of privatizations Constantinos Herodotu told StockWatch, the preparation process, will take around two to three months.
The preparatory process will be followed by the process of finding a strategic investor, which, he says, is complicated with successive evaluations aimed at finding the best possible investor.
The open invitation for demonstration of interest will come first.
Then the process of submission of non-binding proposals and selection of candidates based on transparent and non-discriminatory criteria will follow and those selected will have to submit binding proposals.
Already the first direct meetings with senior officials of Cyta were held and a dynamic cooperation began to be created.
"We explained the procedures to Cyta and we started working with them."
Of primary importance, he said, is the collection and analysis of Cyta data.
"You cannot begin the process of finding a strategic investor if you don’t have all the material that makes up the structure of an organization under privatization in order to avoid unnecessary delays which are costly and repel serious investors," observed Mr. Herodotu.
"Only a good preparation will create opportunities to attract serious investors for the long term benefit of Cyta», he added.
He notes that "an important step in the overall effort of finding a strategic investor for the organization is that this process will involve the senior management of Cyta».
Employees and parliamentary parties will be kept fully informed in the context of transparency.
Already two meetings were held with the leaders of the employees.
The views and suggestions, he stressed, are not ignored. Instead they enhance the overall effort.
Regarding the four consultants of the privatization unit, Mr. Herodotu notes that Citigroup is one of the most experienced regarding the process of attracting investors in the field of telecommunications.
It will be accompanied he said, by the auditing firm PWC, which has assumed the accounting analysis of the organization.
As legal advisers, two legal offices have been selected. Andy Triantafyllides' domestic office and an international law firm, Shearman & Sterling.
As technical marketing consultant the firm Roland Berger was chosen, which, according to Mr. Herodotu, carries a vast experience in such procedures.
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