Cyprus Business Now

Small and Medium-sized Enterprises (SMEs) and start-ups often grapple with a significant hurdle to their growth – the limited availability of finance.

In a bid to address this challenge, the Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Cyprus Stock Exchange and the support of Enterprise Europe Network Cyprus, will be organising an information event on March 13, 2024, starting at 15:00.

The primary focus of the event will be the introduction of businesses, particularly SMEs and start-ups, to the concept of listing on the stock exchange as an alternative source of financing.

Held at the Cyprus Chamber of Commerce premises on Deligiorgi Street in Nicosia, the event aims to shed light on the expected benefits, obligations, and fundraising process associated with the listing of businesses on the stock exchange.

With the limited availability of finance being a critical issue hindering the growth of SMEs, the event seeks to provide valuable insights into how the stock exchange can serve as a viable solution for capital raising.

Attendees will have the opportunity to gain a comprehensive understanding of the potential advantages and intricacies involved in the process.

The event will be conducted in Greek and is open to all interested parties.

However, due to space limitations, attendance will be on a first-come, first-served basis.

Those interested in participating are required to register by the 11th of March 2024. Registration can be completed here.

Admission to the event is free, reflecting the commitment of the organisers to make this crucial information accessible to all.

President of the Cyprus Casino Supervision Authority Christos Mavrellis on Monday revealed that the state has collected around €90 million in revenue from the casino in Limassol since its opening.

Mavrellis provided a detailed breakdown, stating that the total revenue from the casino amounted to €421 million.

Out of this, the government received €63 million in taxes and €25 million in annual licensing fees. The overall contribution to the state coffers stands at approximately €90 million.

Responding to inquiries about the casino’s performance, Mavrellis acknowledged that, so far, the casino hasn’t been “very profitable.”

He highlighted ongoing scrutiny of the group’s and the managing company’s accounts.

However, Mavrellis emphasised the need to consider significant investments, including depreciation and a substantial loan.

He noted that the initial months of operation indicated promising results, but the conflict in Israel affected the casino’s performance for some months. Recent weeks, he added, show signs of a resurgence in Israeli visitors.

The Cyprus Stock Exchange (CSE) ended Monday, February 26 with losses.

The general Cyprus Stock Market Index was at 141.32 points at 12:51 during the day, reflecting a decrease of 0.2 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 85.83 points, representing a drop of 0.21 per cent.

The total value of transactions came up to €120,458.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.32 per cent and 0.58 per cent respectively. The alternative index rose by 0.12 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.57 per cent), the Cyprus Cement Company (-0.72 per cent), Hellenic Bank (no change), Logicom (no change), and Salamis Tours (no change).