Cyprus Mail

Limassol port privatisation on track, says minister

Limassol port’s privatisation process is on track, Communications, Works and Transport Marios Demetriades said on Thursday.

As part of its €10 billion bailout, Cyprus is due to embark on a series of privatisations, with the Cyprus Telecommunications Authority and the Limassol port to be privatised by the end of the year. Under the terms of the economic adjustment programme, the Electricity Authority will be privatised by the end of 2017.

Ministry officials have met with a Troika technical mission currently in Cyprus to review the programme implementation. Demetriades said the ministry had gathered a “very good” team of internationally-acclaimed advisors on the port privatisation that consisted of the Rothschild’s Global Financial Advisory, law firm Pinsent Masons who will work in cooperation with local firm Pambos Ioannides, as well as KPMG auditing.

The minister said the timeframes would be met, adding that a month’s delay would not matter.
“What`s important is that the project advances decisively and soon we will be in position to have more news,” he said.
Asked if they had determined the services to be sold to the investor, Demetriades said this was up to market interest. (CNA)

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