The finance ministry’s privatisation unit, a division set up to carry out Cyprus’s privatisations programme agreed with international creditors, said that it had received an unspecified number of bids for the Cyprus Airways logo and brand name.
A special committee will evaluate the validity and completeness of data and documents submitted with respect to the compliance of interested parties to legal, financial and technical criteria” set out in the invitation for expression of interest published on January 5, almost a year after the state-owned company ran out of cash, the privatisation unit said in an emailed statement on Wednesday.
In December 2014, the government bought the loss-making airline’s logo and brand name for a total of €1.2m.
“Based on the findings of the evaluation, the ministerial privatisation committee will approve the interested parties that will be invited to participate in the second stage of the competition, which will include the submission of binding offers,” the privatisation unit said.
The binding offers will determine how realistic the prospects of reaching an agreement with an interested party are, the finance ministry’s division said, adding that it may disclose additional information at a later stage.