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Cyprus Agrees to Privatise State-Owned Telco

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The Cypriot government has approved plans to privatise the state owned telco, Cyta has part of a wider programme of selling state assets under the terms of an international bailout plan.

The privatisation is however not expected to take place until 2015, and the interim will be used to reform the company and cut costs.

The sale is likely to be controversial though, and earlier this month, employees at the phone company went on strike in opposition to the privatisation. The company has already announced plans to offer early retirement to 350 staff.

CyTA currently employs 2,100 full-time and 300 part-time employees.

Government spokesman Christos Stylianides said that the government would still retain an unspecified stake in the company following the sale.

The government is obliged to raise EUR1.4 billion from privatisations between 2016 and 2018.

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Tags: cyta  Cyprus