CB relaxes foreign investment rules

The Central Bank of Cyprus has decided to lift restrictions on foreign ownership, making it easier for foreign investors to enter local companies, the

reported on February 12, 1997. The move, that also includes relaxed rules for Cypriots to invest abroad, is part of a move to prepare for EU accession and make it attractive for investors. For investments of at least CYP 100,000, up to 49% control is allowed in farming and fisheries, 49% for media, restaurants and travel companies, 100% in retail and services, 100% for professional, computer and consultancy firms. In banks, 6% is allowed for foreign ownership and up to 9% by repatriated Cypriots.

Linette in Romania:

Nappies ad baby wipes maker Linette will decide this year on a new plant on Romania, in addition to Cyprus and Greece, as it explores exports to 15 countries in the Middle East and Balkans, and as far as Vietnam and South Africa.

Laiki Popular Bank has financed the takeover of Charalambides Hypermarkets by the Papaellinas Group, but denied it acted with the purpose of preventing a bid from NKS Shacolas Group. The deal was for CYP 2 mln in cash

Laiki in Charalambides deal:

and a monthly guarantee rental of CYP 60,000 for ten years.

India

CA

shipping:

Foreign Minister Aleccos Michaelides, accompanying President Glafcos Clerides on an official visit to India, signed a bilateral agreement on maritime transport in New Delhi, which is expected to boost shipping links between the two countries. This follows a host of other agreements, including a double taxation avoidance protocol signed in 1994.

The Cyprus Tourism Organisation has agreed to subsidise part of the cost of the route expansion that Cyprus Airways will undertake when it increases schedules to serve more destinations in the UK and France.

subsidy: