Head of Privatisations Unit announced on Tuesday the two firms that were chosen as consultants for the privatization process to be carried out for Cyta (Cyprus Telecommunications Unit).
The two firms are Citigroup Global Markets Limited and the consortium PricewaterhouseCoopers Limited, PricewaterhouseCoopers Business Solutions SA and PricewaterhouseCoopers SA. The two firms have signed a contract with the Cyprus Republic following a public procurement.
In a press release issued today, the Head of the Privatisations Unit announces that Citigroup Global Markets Limited will be the Financial Advisor whereas the consortium, which includes PricewaterhouseCoopers Limited, PricewaterhouseCoopers Business Solutions SA and PricewaterhouseCoopers SA will act as an Accounting Advisor.
According to the press release, following the signing of the agreement a process will begin in order to set up the process for the privatisation of Cyta.
The next step will be to look for a strategic investor with technical knowledge to engage in the upgrade of Cyta and boost its competitiveness.
It is also pointed out that the appointment of advisers with proven expertise and experiences which could provide specialized services is a prerequisite in order to reach the goals for the privatisation of the organization.
The competitions took place following strict and transparent procedures on the basis of regulations that safeguard the public interest.
CNA has learned that the procedure attracted top names in the field, such as UBS, JP Morgan, Merril Lynch, HSBC, Nomura and Barclays Capital.
ENDS, CYPRUS NEWS AGENCY