Tweet

Email

International investors have shown significant interest in the privatisation of Limassol Port, Minister of Communications and Works Marios Demetriades revealed yesterday.

Commenting on the sidelines of a meeting between governmental officials and financial advisors, Demetriades told the press that the privatisation of the island’s main commercial hub, preparations for which officially began on Tuesday, has already attracted prospective offers.

Local media reports indicate that  International Container Terminal Services (ICTS), a Philippines firm specialising in the acquisition and management of container terminals globally, is among the investors to have expressed interest in purchasing the Port.  

 
Yesterday’s meeting focused on a draft assessment of market conditions and the evaluation of Limassol Port’s competitiveness, physical potential and operational conditions.

“The market assessment shows very good signs and there is interest,” the Minister confirmed.

The Cyprus government has appointed legal firms Kypros Chrysostomides & Co. and Holman Fenwick Willan LLP to prepare the tender.

“We are well within the deadlines, we have appointed a reputable group of advisors with international expertise and we are optimistic about securing investors for the Port,” Demetriades concluded.

As part of Cyprus’ €10 billion bailout, the government will implement a privatisation plan aiming to secure €1 billion by 2016 through the sale of Limassol Port and Cyprus Telecommunications Authority, as well as an additional €400 million by 2018 through the privatisation of the Cyprus Electricity Authority. Proceeds are to be used to reduce public debt.