Logosnet sells 51% to Greek group

LOGOSNET Technologies yesterday announced it had sold 51 per cent of its shares for ,4 million to Com-ToNet SA, a Greek group which is said to be the largest in the field of Internet solutions in Greece.

The aim is to develop Logosnet Technologies’ reputation as a pioneer Internet solutions provider in the Eastern Mediterranean region through a strategic alliance.

Lefteris Antoniades, general manager of Logosnet Technologies, and Ioannis Markopoulos, founder of Com-ToNet, announced the sale at a joint press conference in Nicosia.

Antoniades said Logosnet owes its current success and recognition to the hard work of the company’s personnel. He said the company is so successful that 14 firms from four countries had shown an interest in investing in Logosnet or co-operating with the company.

"We strongly believe that this alliance with the Greek group of companies will… serve our long-term goals which include broadening our services and establishing our company in the Internet field as well as in the field of telecommunications within our region," Antoniades said.

Markopoulos stressed that his company had until recently focused on customers based in Greece but had been seeking an international partnership. He said the company was ready to compete with other firms offering similar telecommunications services. Cyprus, he said, made an ideal stepping stone for Com-ToNet’s first venture outside.

Logosnet was founded in 1995.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.