Cyta in­de­pen­dence, shares edge lower

Financial Mirror (Cyprus) - - FRONT PAGE -

A CDB re­port has sug­gested that Cyta change its struc­ture and be­come in­de­pen­dent, main­tain gov­ern­ment own­er­ship, while shares edged lower on the OTC mar­ket, ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 118, on June 28, 1995.

The Cyprus De­vel­op­ment Bank drafted a re­port sug­gest­ing that Cyta change from a semi-gov­ern­ment or­gan­i­sa­tion to a fullinde­pen­dent util­ity, fully-owned by the gov­ern­ment.

By tak­ing

Cyta change:

this course, and even­tu­ally seek­ing a par­tial flota­tion on the stock ex­change, the profit-mak­ing telco will no longer need House ap­proval for its spend­ing and de­vel­op­ment bud­get and man­age­ment will be re­spon­si­ble for its fu­ture course. The pur­pose for the re­port wad to make Cyta self­suf­fi­cient by 1998 when the EU di­rec­tives on tele­com fares and sub­si­dies come into ef­fect. As ex­pected, trade unions SEK and PEO were “to­tally against” lib­er­al­i­sa­tion or pri­vati­sa­tion.



Share prices lost their up­mo­men­tum on the KEVE OTC stock mar­ket with a down-cor­rec­tion of share prices con­tin­u­ing for a few days. Vol­ume was sat­is­fac­tory with dailies reach­ing an av­er­age CYP 333,000. Bank of Cyprus ac­counted for 12% of all trades so far in the year, with a +5.5% price change, fol­lowed by Laiki Pop­u­lar (7% of trades, +10.1%), Paneuro­pean In­sur­ance (6% of trades, +64%) and CTC (6% of trades, +86%).

Cyprus should con­cen­trate where it en­joys a com­pet­i­tive ad­van­tage, said Com­merce Min­istry DG Kyr­i­a­cos Christophi, adding that the re­cent trend of lib­er­al­i­sa­tion in world com­merce as a re­sult of the en­force­ment of the Uruguay Round of trade talks, as well as the Cyprus-EU cus­toms union, show that Cyprus should fo­cus in ar­eas such as ser­vices, soft­ware, R&D and in­sur­ance.


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