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Cyta looking to off-load lossmaking Cyta Hellas subsiduary

Cyprus telecommunications authority consultants have officially requested expressions of interest for its troublesome Greek subsidiary Cyta Hellas.

The call for expressions of interest provides that interested parties have until 27 September to make an offer for the lossmaking enterprise.

“We are moving forward with the international credibility of the consultancy firms, with full transparency and within the timetables set”, said Cyta boss Rena Panou Rouvitha.

Cyta has had a number of consultations with potential stakeholders to find out the form of their interest but also possible synergies that can be created to maximize Cyta Hellas’s added value.

It aims to speed up the process and complete it.

Under the call for interest Cyta is looking at the possible transfer of its holding in Cyta Hellas, where it owns 100% of its share capital.

The first step will be to assess the qualitative characteristics of the stakeholders and the second to evaluate the proposals to be submitted.

Options are either a full or partial sale of shares or a merger.

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