ULife sale drags on, ex­porters tar­get Gulf mar­ket

Financial Mirror (Cyprus) - - FRONT PAGE -

The sale by the two main banks of their con­trol­ling stake in Univer­sal Life is ex­pected to drag into Oc­to­ber, with the fi­nal bid price to be sub­ject to a due dili­gence re­port.

In other news, Cypriot shoe and leather ex­porters were tar­get­ing the $11 bln Gulf mar­ket, while progress in Cyprus talks could lead to ben­e­fits in the tourism sec­tor, the Fi­nan­cial Mir­ror re­ported in is­sue 583, Au­gust 25, 2004.

The decision by Laiki Bank and Bank of Cyprus to dis­pose of their 57% stake in Univer­sal Life In­surance to the Dutch multi­na­tional Eureko Group is ex­pected to drag well into Oc­to­ber, with a num­ber of is­sues still pend­ing, in­clud­ing a due dili­gence re­port. A com­bined bid for the UL stake owned by the two banks (Laiki 35%, Bank of Cyprus 21.8%) should reach about CYP 22.5 mln

Four Cypriot man­u­fac­tur­ers will be tak­ing part in the MOTEXHA Au­tumn ex­hi­bi­tion in Dubai to tap into the Gulf gar­ments and tex­tiles mar­ket worth USD 11.4 bln, ris­ing to USD 50 bln by 2010. The par­tic­i­pat­ing com­pa­nies are K&S An­to­niou Leather, Astir Show Fac­tory, A&E Michael and Skopy Shoe Fac­tory.

Turkey present a huge op­por­tu­nity for the Greek Cypriot tourism sec­tor, with the po­ten­tial to dou­ble the num­ber of ar­rivals on the whole is­land from the cur­rent level of 2.8 mln, ac­cord­ing to Turk­ish Cypriot busi­ness­man Salih Ce­liker, a co-founder of So­lu­tion and EU Party led by the Turk­ish Cypriot Cham­ber’s Ali Erel. Ce­liker said that the main op­por­tu­nity comes from the fact that around 30 mln of Turkey’s 70 mln pop­u­la­tion can af­ford more than one hol­i­day per year.

On the sec­ond day since the flow of goods was al­lowed from the north fol­low­ing the EU’s Green Line reg­u­la­tions, Turk­ish Cypri­ots shipped their first con­sign­ment of watermelons, but a con­sign­ment of fresh fish was blocked by the Repub­lic’s of­fi­cials on the ar­gu­ment that it needed to pass health tests.

Tourism book­ings from the UK are re­ported down by a whop­ping 30% in June, ac­cord­ing to AC Nielsen, more than triple the de­cline in over­all book­ings in the UK mar­ket.

Tourism ar­rivals fell 3.8% in July to 305,978 from 318,143 in July 2003, while for the seven month pe­riod Jan­uary-July, ar­rivals were up 4.7% to 1,267,830 com­pared to 1,210,798 in the same year ear­lier pe­riod.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.