Update on Cyprus telecom privatization.
Cyprus News Agency reported that the Parliament is expected to approve the first bill aimed at creation of a company governed by private law with the state owing 100% of its shares and the company assuming the commercial activities of CyTA. The approval of the bill is a precondition of an agreement signed with the troika.
In January, the two firms were chosen as consultants for the privatization process to be carried out for Cyta: Citigroup Global Markets Limited and the consortium PWC.
Legislation aiming at turning Cyprus telecoms provider CyTA into a private concern should be finalized in Parliament by December at the latest.
Source: Famagusta Gazette
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