BOC storms higher, tourism grows 5%

Financial Mirror (Cyprus) - - FRONT PAGE -

Bank of Cyprus shares surged fol­low­ing a suc­cess­ful rights is­sue, help­ing push the CSE in­dex higher, while tourism is ex­pected to grow 5% in 2006, ac­cord­ing to the Fi­nan­cial Mir­ror is­sue 650, on De­cem­ber 21, 2005.

Bank of Cyprus shares surged 5.5% to CYP 2.66 fol­low­ing the suc­cess­ful rights is­sue for 77.9 mln new shares that helped raise CYP 109 mln (EUR 190 mln). A to­tal of 407 mln rights were ex­er­cised for 67.7 mln new shares, a sub­scrip­tion ra­tio of 87%, while 10 mln shares were

BOC

higher:

‘ser­vice charge’.

CAIR res­cue:

tar­iff-free im­port al­lowances for goods from new EU mem­bers Aus­tria and Fin­land.

The gov­ern­ment’s new Tar­iff Pro­pos­als will dra­mat­i­cally in­crease the rate of in­fla­tion that will af­fect all sec­tors, said Con­sumers’ As­so­ci­a­tion head Christodou­los Mil­i­o­tis. He said mostly food items, many of which do not have any tax, will see costs ris­ing by up to 250% due to new levies the gov­ern­ment wants to im­pose.

In­fla­tion

rise:

BOC Fac­tors:

The Bank of Cyprus fac­tor­ing di­vi­sion, the in­voice dis­count­ing ser­vice, has seen turnover rise to CYP 150 mln claim­ing a 75% mar­ket share, ac­cord­ing to BOC Fac­tors Man­ager Athos Kyranides.

SocGen loans:

So­ci­ete Gen­erale Coun­try Man­ager Ger­ard Mal­hame said the French gi­ant is one of the big­gest lenders to the gov­ern­ment ar­rang­ing a USD 100 mln fa­cil­ity.

Cyprus Air­ways expects to make a profit of CYP 5 mln af­ter a decade of losses, Chair­man Vasilis Rol­o­gis told share­hold­ers, adding that debt has been re­duced from CYP 160 mln in 1993 to 110 mln. The state owns 82% of the shares and with the new stock ex­change reg­u­la­tions, must re­duce its con­trol to 70%, con­sid­er­ing a pub­lic is­sue.

CA

prof­its:

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