Main stages of privatisation roadmap

CyTA

The organisation will be turned into a private company with the state as the only shareholder by December 31, 2014.

A share of the equity will be offered to workers by March 31, 2015.

A strategic investor will be sought – procedure must finish by December 31, 2015

CyTA will be kept intact because unbundling the company could lead to a drop in value.

EAC

At the first stage, the electricity company’s activities will be unbundled into separate legal entities by June 30, 2015.

EAC will be turned into a private company or companies with the state as the only shareholder by December 31, 2015.

A share of the equity will be offered to workers by March 31, 2016.

Seek investors – procedure to be completed by September 30, 2017

Ports

The ports authority will remain a state organisation to supervise the ports

Management of the ports’ commercial activities can be transferred to the private sector

–          The procedure – private public partnership – is already underway for Larnaca port

–          As regards loading and unloading and transit at the Limassol port, the best option is to grant a long-term licence to an operator that will be selected following an international competition by December 31, 2015.

 

Other state companies slated for privatisation:

Stock exchange, state fairs authority, forest industries (manufactures wood product. State owns 51 per cent), pancyprian bakers’ company (state owns an 11.9 per cent stake)

Procedure should be completed by June 30, 2016.

Studies will also be conducted into the efficacy of privatising the house financing organisation, land development organisation, fuel storage company, grain commission, and the immovable property of the main slaughterhouse in Kofinou.

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.