Offshores to list on CSE

Offshore companies will be able to list on the Cyprus Stock Exchange, in a move that has the full backing of the Finance Ministry, Central Bank and the CSE , the Financial Mirror reported on April 9, 1997.

CSE Council Chairman Dinos Papadopoulos said offshore companies will be allowed to issue shares, but in foreign currency in order to help attract more business to the Exchange. More than 30,000 offshore companies are registered in Cyprus of which 1,200 maintain fully-fledged offices. Last year, the offshore sector contributed about CYP 170 mln in foreign exchange earnings.

Lillikas bombshell:

The CYP 200 mln in bounced cheques which have been threatening to blow away the economy, may become a nightmare for the island’s banks and Co-ops, if Akel MP George Lilikas has his way. Under the proposal tabled in the House, banks and the credit societies will be obliged to pay the value of the bounced cheque to the bearer, while they will have the responsibility collect the money from the issuer.

Bonds auction:

The Central Bank announced that CYP 25 mln worth of government bonds will be auctioned in two categories which will later be traded on the CSE. One will carry a 6.75% coupon for retail investors, while the second will be for 5 years and carry a 7% rate.