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THREE institutions from abroad have displayed an interest in a proposal by semi-state companies (SGOs) to secure a €1.4 billion loan in order to avoid being privatised as part of Cyprus’ €10 billion bailout, the telecommunications company (CyTA) chairman said yesterday. Stathis Kittis previously proposed that CyTA, the Electricity Authority (EAC), and the Ports Authority (CPA) could mortgage the SGOs’ property and come up with the same amount the troika said could be raised through privatisations. Kittis told state broadcaster CyBC yesterday that three bodies – two hailing from the UK and one from the US – were interested in mulling the proposal. He did not name them and could not be reached to comment... 14 comments
TELECOMS giant CyTA says it would look at reducing the amount of money it gives in TV sponsorship deals after it was revealed on Thursday the semi-state body company would hand out around €41m to sports teams around the island over a six-year period.“CyTA has already made a decision to reduce costs regarding advertising and TV rights, due to the economic crisis and the relevant clubs have been informed,” it said in a statement.CyTA claimed the biggest sponsorship and TV rights deals had been awarded by their competitors. “The report in daily Phileleftheros reported on pay-TV which is one of the most competitive areas in which CyTA is active,” it added... 3 comments
SEMI-GOVERNMENT organisations (SGOs) have offered to come up with the money demanded by the troika in exchange for sparing them from privatisation. The Cyprus Telecommunications Authority (Cyta) and Cyprus Ports Authority (CPA) yesterday criticised the troika’s demands to come up with €1.4 billion through privatisations of SGOs, saying they believe they can use their own resources to cover the amount demanded by the troika as part of Cyprus’ bailout agreement.Speaking after a meeting of the House Finance Committee, Cyta chairman Stathis Kittis said privatisations were not necessary, especially those that contribute to state coffers. ... 22 comments
TELECOMMUNICATIONS authority, CyTA, will not charge its customers for internal phone calls within its own network during April, nor cut off phone lines or other services, and has extended the payment deadline for standing orders, it said yesterday. “CyTA has decided on emergency measures to help our customers cope better with the difficulties they are facing and the problems caused by the economic crisis,” a news release said.As part of the measures, CyTA will not disconnect any services before April 15, when it plans to re-examine the situation, and has extended the payment deadline for customers who pay CyTA via standing orders with banks to April 3... 12 comments
NEW FINANCE Minister Michalis Sarris yesterday left open the door to the privatisation of telecommunications company CyTA, arguing that this could help in getting Cyprus out of its financial crisis. On his first day in the job and asked about possible privatisations, Sarris said many state or semi-state organisations were not really in a position to be privatised. He suggested it would be easier to attract a strategic investor for an organisation like CyTA, which could help Cyprus in its effort to get out of its current predicament. “What we all must understand is that in these very important areas, the real test is not how many persons work in these organisations and how many jobs we have created, but what we offer to the Cypriot citizen,” he said... 14 comments