CarVal, an established global alternative investment manager, on Monday, increased its stake in the Bank of Cyprus to 9.07 per cent, up from the previous percentage of 8.57 per cent, through the purchase of 1.4 million shares.

CarVal primarily invests in distressed and credit-intensive assets, as well as in markets where it identifies inefficiencies.

The company has been in operation since 1987 and has invested $138 billion in 5,655 transactions across 82 countries.

Today, AB CarVal has approximately $16 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets.

The Transport Ministry on Monday announced that it has entered into an agreement with telecommunications company Cablenet enabling it to host its traffic monitoring and management platform.

The contract, which is valid from August 26, 2022, and has a duration of five years, is worth €300,000 and is funded by public resources.

According to the announcement, the contract provides for the supply of cloud infrastructure, the development of a telecommunications network to connect approximately 120 existing traffic gauges, as well as 26 closed-circuit surveillance cameras and 4 electronic signs.

In addition, new equipment that will be purchased using funds from the recovery and resilience fund will also be connected, along with 40 electronic information boards, 170 traffic surveillance cameras and 180 gauges.

According to the ministry, the agreement is the “most modern and cost-effective solution” for the requirements of the platform’s operations, while the installation and interconnection of the systems are expected to bring about the full coverage and digitisation of the country’s main urban and interurban road network.

“Through this platform, we will achieve a better management of the transport networks by the responsible bodies and a quick response to incidents,” the ministry said.

“In addition, it will facilitate the provision of information to network users and individuals for the development of navigation applications, as well as the provision of data to research or university institutions for research and development purposes,” it added.

The Cyprus Stock Exchange (CSE) ended Monday, August 29 with losses.

The general Cyprus Stock Market Index was at 72.90 points at 13:17 during the day, reflecting a drop of 0.60 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.71 points, which represents a decrease of 0.61 per cent.

The total value of transactions came up to €17,676.

In terms of the sub-indexes, the main and alternative indexes fell by 0.64 per cent and 0.15 per cent respectively, while the hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.95 per cent), Hellenic Bank (no change), Petrolina (-0.91 per cent), Demetra Holdings (no change) and Louis Plc (no change).