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Financial Mirror (Cyprus) - - FRONT PAGE -

SFS CyVen­ture:

ex­er­cise price of CYP 1.40, while pun­ters shrugged off the Moody’s “neu­tral” re­port on the ba­sis of a shrink­ing pen­sion fund li­a­bil­ity, with prospects for a rat­ing up­grade from the present “D+”.

Bud­get

deficit:

The gov­ern­ment has re­vised down its forecast for the bud­get deficit in 2005 fol­low­ing a bet­ter-than-ex­pected nine months and a small sur­plus of CYP 19.5 mln. But in­fla­tion, driven by a new fuel tax, could wreck the euro adop­tion plans.

SFS an­nounced a takeover bid to in­crease its stake in CyVen­ture Cap­i­tal from 43.6% to 100%, by is­su­ing new shares worth CYP 1.55 mln in the loss-making fund, but ac­quir­ing as­sets worth CYP 3.7 mln.

CAIR

in­ter­est:

A Turk­ish Cypriot hote­lier, Aziz Kent, has shown in­ter­est to buy trou­bled Cyprus Air­ways, say­ing the na­tional car­rier could serve both parts of the is­land and act as a bridge.

At least 40 com­pa­nies have shown in­ter­est to bid for the BOT project to build the 1000-berth Paphos ma­rina in Po­tima Bay, be­tween Peyia and Kis­son­erga. Pre-se­lec­tion ends in De­cem­ber with ini­tial bids in March and fi­nal bids in Novem­ber 2006 for the con­tract win­ner to be­gin work in April 2007.

Paphos ma­rina:

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