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Main stages of privatisation roadmap

The EAC to be privatised by December 2015

CyTA

The organisation will be turned into a private company with the state as the only shareholder by December 31, 2014.

A share of the equity will be offered to workers by March 31, 2015.

A strategic investor will be sought – procedure must finish by December 31, 2015

CyTA will be kept intact because unbundling the company could lead to a drop in value.

EAC

At the first stage, the electricity company’s activities will be unbundled into separate legal entities by June 30, 2015.

EAC will be turned into a private company or companies with the state as the only shareholder by December 31, 2015.

A share of the equity will be offered to workers by March 31, 2016.

Seek investors – procedure to be completed by September 30, 2017

Ports

The ports authority will remain a state organisation to supervise the ports

Management of the ports’ commercial activities can be transferred to the private sector

–          The procedure – private public partnership – is already underway for Larnaca port

–          As regards loading and unloading and transit at the Limassol port, the best option is to grant a long-term licence to an operator that will be selected following an international competition by December 31, 2015.

 

Other state companies slated for privatisation:

Stock exchange, state fairs authority, forest industries (manufactures wood product. State owns 51 per cent), pancyprian bakers’ company (state owns an 11.9 per cent stake)

Procedure should be completed by June 30, 2016.

Studies will also be conducted into the efficacy of privatising the house financing organisation, land development organisation, fuel storage company, grain commission, and the immovable property of the main slaughterhouse in Kofinou.



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