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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: