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Operation
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|
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Activity Code
|
Description
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NACE 1.1
|
64.2
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Telecommunications
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Line of Business
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Cyta is a semi-government
organization. It was established with the aim of providing, maintaining
and developing a comprehensive telecommunications service, both
nationally and internationally. Cyta is considered to be the leading
provider of integrated electronic communications services in Cyprus.
Cyta is aiming at expanding into international markets, mainly those
of Central and Eastern Europe. More specifically, its goal is to
strengthen its role as a telecommunications hub in the South-Eastern
Mediterranean and to offer international transit services on a global
scale.
Cyta provides a broad range of services and facilities which aim to
satisfy the ever-increasing needs of its customers for voice and data
applications in both fixed and mobile telephony. Cyta also offers
personal and business internet services, as well as business networking
services and other communication solutions. Particular emphasis is
placed on the provision of value added services, such as
content/multimedia via the Internet which, by all accounts, will be
the dominant business activity of the next decade.
By 2004 CYTA introduced CytaVision, a digital television service. The
service was formerly called MiVision. CytaVision is a pioneering
service which is the result of the convergence between information
technology and digital TV transmission in order to serve all the
customer's needs in terms of entertainment, information and
communication.
The service provides several thematic channels, video on demand,
games on demand, access to a TV portal with useful local information,
the capability to send and receive e-mails from the TV set, the use
of an Electronic Program Guide (EPG), all through personalized menus,
enhanced with parental control access criteria. Enhanced interactive
TV applications and voice over IP are two further avenues that
cytavision expects to explore and implement in the future.
Following the liberalization of telecommunications in Cyprus, Cyta
faces the challenge of the convergence of telecommunications,
information technology and multimedia, as well as that brought about
by changes to the social, legal and political environment, especially
since Cyprus became a full member of the European Union. Cyta has
repositioned itself as a comprehensive/integrated electronic
communications provider. The development of broadband and triple play
services composes the spearhead of Cyta's strategy.
Cyta was the first organization in Cyprus to become a member of the
European Foundation for Quality Management (EFQM) and the largest
organization in the broader state sector in Cyprus to attain ISO
9001:2000 Quality Certification.
Cytaglobal is the International Commercial Services Division of Cyta.
It is a semi-autonomous organizational unit, specializing in global
electronic communication products and services.
Cytaglobal has developed an extensive submarine fiber optic cable
network, which connects Cyprus with Greece, Italy, Israel, Syria,
Lebanon and Egypt, aiming to connect the rest of the world at a later
stage.
Through its global network, Cytaglobal provides a wide range of
international telecommunications products, services and total
solutions. In Cyprus subject
is considered to be a large concern in this field.
Sells to the general public, group companies, government bodies,
local authorities, ministry of defense on a regular basis.
Please note that subject has 211 vehicles including: trucks, vans,
cars, which are used in the running of the business.
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Export to
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Percentage
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Comments
|
The subject does not engage in any
export activities.
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Import from
|
Percentage
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United Kingdom, United States of
America, Sweden, Far East
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Comments
|
The Subject also imports from Near
East and Europe
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Import Terms
|
Percentage
|
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Special agreements
|
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100%
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Market Territory
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Sales
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Sells To:
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General Public, Group Companies,
Local Authorities
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Selling Terms:
|
Cash
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The Subject also sells to : ministry
of defense on a regular basis
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Suppliers - Agencies
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Company Name
|
Country
|
Product
|
Description
|
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SonyEriccson
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Sweden
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Alcatel
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United Kingdom
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Premises
|
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Type
|
headquarters
|
|
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Address:
|
Tilepikoinonion, Strovolos, 2014,
PoBox 24929, Nicosia, Cyprus
|
|
|
Headquarters comprise of
|
Offices, Warehouse, Shop, Showroom,
Workshop
|
|
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Headquarters are
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Owned
|
|
|
Headquarters operate as:
|
garages, yards
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Type
|
branch
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Country
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Cyprus
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Town/City:
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Nicosia
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Street:
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26 & 28, Onasagorou
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Headquarters comprise of
|
Offices
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Headquarters operate as:
|
Sale of Terminal Equipment
|
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Type
|
branch
|
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Country
|
Cyprus
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Town/City:
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Nicosia
|
Minor Town:
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Strovolos
|
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Street:
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14B, Strovolos Avenue
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Location Phase:
|
'CYTASHOP', 2011
|
|
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Headquarters comprise of
|
Offices
|
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Headquarters are
|
Owned
|
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Headquarters operate as:
|
Customer Service Office
|
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Type
|
branch
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Country
|
Cyprus
|
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Town/City:
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Nicosia
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Minor Town:
|
Egkomi
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|
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Street:
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1, 28th October Avenue
|
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Location Phase:
|
'CYTASHOP'
|
|
|
Headquarters comprise of
|
Offices
|
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|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
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|
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Type
|
branch
|
|
|
Town/City:
|
Nicosia
|
Minor Town:
|
Lakatameia
|
|
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Street:
|
62, Archiepiskopou Makariou C' Avenue
|
|
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Location Phase:
|
'CYTASHOP'
|
|
|
Headquarters comprise of
|
Offices
|
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|
Headquarters are
|
Owned
|
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|
Headquarters operate as:
|
Customer Service Office
|
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Type
|
branch
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Country
|
Cyprus
|
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Town/City:
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Limassol
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Street:
|
89, Athinon Street
|
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Location Phase:
|
'CYTASHOP' , 3040
|
|
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Headquarters comprise of
|
Offices
|
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|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Administration & Customer Service
Office
|
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Type
|
branch
|
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Country
|
Cyprus
|
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Town/City:
|
Limassol
|
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Street:
|
7, Vassileos Pavlou street
|
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Location Phase:
|
'CYTASHOP' , 3052
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
|
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|
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Type
|
branch
|
|
|
Country
|
Cyprus
|
|
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|
|
Town/City:
|
Limassol
|
|
|
|
|
Street:
|
28, Kolonakiou Street
|
|
|
|
|
Location Phase:
|
'CYTASHOP' , 4103
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
|
|
|
|
|
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Type
|
branch
|
|
|
Country
|
Cyprus
|
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|
|
|
Town/City:
|
Larnaka
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Street:
|
7, Zenon Pierides street
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Location Phase:
|
'CYTASHOP' , 6023
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Administration & Customer Service
Office
|
|
|
|
|
|
|
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Type
|
branch
|
|
|
Country
|
Cyprus
|
|
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|
|
Town/City:
|
Larnaka
|
Minor Town:
|
Agioi Anargyroi
|
|
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Street:
|
4, Alexandrou Panagouli Street
|
|
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|
|
Location Phase:
|
'CYTASHOP'
|
|
|
Headquarters comprise of
|
Offices
|
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Headquarters are
|
Owned
|
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Type
|
branch
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Country
|
Cyprus
|
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Town/City:
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Pafos
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Street:
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11, Grivas Digenis Avenue
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Location Phase:
|
'CYTASHOP' , 8201
|
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|
Headquarters comprise of
|
Offices
|
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|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Administration & Customer Service
Office
|
|
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Type
|
branch
|
|
|
Country
|
Cyprus
|
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|
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Town/City:
|
Pafos
|
Minor Town:
|
Polis Chrysochous
|
|
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Street:
|
16, Archiepiskopou Makariou C' Avenue
|
|
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|
|
Location Phase:
|
'CYTASHOP' , 8820
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
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Type
|
branch
|
|
|
Country
|
Cyprus
|
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|
|
|
Town/City:
|
Famagusta
|
Minor Town:
|
Paralimni - Derinia
|
|
|
Street:
|
124, Eleftherias Avenue
|
|
|
|
|
Location Phase:
|
'CYTASHOP'
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
|
|
|
|
|
|
|
|
|
Type
|
branch
|
|
|
Town/City:
|
Nicosia
|
Minor Town:
|
Kakopetria
|
|
|
Street:
|
28, Costa Christodoulou street
|
|
|
|
|
Location Phase:
|
'CYTASHOP' , 2800
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
|
|
|
|
|
|
|
|
|
Type
|
branch
|
|
|
Town/City:
|
Limassol
|
Minor Town:
|
Platres
|
|
|
Street:
|
8D, Olympos Street
|
|
|
|
|
Location Phase:
|
'CYTASHOP'
|
|
|
Headquarters comprise of
|
Offices
|
|
|
Headquarters are
|
Owned
|
|
|
Headquarters operate as:
|
Customer Service Office
|
|
|
|
|
|
|
|
|
|
|
Type
|
branch
|
|
|
Country
|
Cyprus
|
|
|
|
|
Town/City:
|
Nicosia
|
Minor Town:
|
Latsia
|
|
|
Street:
|
18, Makarios Arch. III Avenue
|
|
|
|
|
Headquarters comprise of
|
Offices
|
|
|
|
|
|
|
|
|
|
|
Type
|
|
|
|
Country
|
Cyprus
|
|
|
|
|
Town/City:
|
Limassol
|
Minor Town:
|
|
|
|
Street:
|
232, Agias Fylaxeos
|
|
|
|
|
Headquarters comprise of
|
Offices, Shop
|
|
|
Headquarters operate as:
|
Sale of Terminal Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks
|
|
|
BANK OF CYPRUS PUBLIC COMPANY LIMITED
|
|
|
51 Stasinou, Agia Paraskevi,
Strovolos, 2002, Nicosia, Cyprus
|
|
|
CYPRUS POPULAR BANK PUBLIC CO LTD
|
|
|
39 Archiepiskopou Makariou C' Avenue,
2025, Nicosia, Cyprus
|
|
|
HELLENIC BANK PUBLIC COMPANY LIMITED
|
|
|
200 Lemesou Avenue, & Athalassas
Corner, Strovolos, 2025, Nicosia, Cyprus
|
|
|
USB BANK PLC
|
|
|
83 Digeni Akrita Avenue, 5th Floor,
Nicosia, 1070, Cyprus
|
|
|
ALPHA BANK CYPRUS LTD
|
|
|
22B Evanthous, Nicosia, 1101, Cyprus
|
|
|
CENTRAL COOPERATIVE BANK PLC
|
|
|
69 Archiepiskopou Makariou V'
-plateia, Lefkosia, 1070, Nicosia, Cyprus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliates and Subsidiaries
|
Relation
|
Year
Reg.
|
|
|
DIGIMED COMMUNICATIONS LIMITED
|
Subsidiary
|
|
|
|
|
|
|
CYTACOM SOLUTIONS LIMITED
|
Subsidiary
|
|
|
|
|
|
|
IRIS GATEWAY SATELLITE SERVICES
LIMITED
|
Subsidiary
|
|
|
|
|
|
|
BESTEL COMMUNICATIONS LIMITED
|
Subsidiary
|
|
|
|
|
|
|
EMPORION PLAZA LIMITED
|
Subsidiary
|
|
|
|
|
|
|
CYTA (UK) LIMITED
|
Subsidiary
|
|
|
|
|
|
|
CYTA (HELLAS)TELECOMMUNICATION S.A
|
Subsidiary
|
|
|
|
|
|
|
CYTAGLOBAL HELLAS S.A
|
Subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No
|
Date registered
|
Date prepared
|
Type
|
Description/No
|
Amount
|
Sequence
|
Beneficiary
|
|
0
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
No charges found
|
|
|
|
|
|
|
|
|
|
|
Negatives
|
|
No negative data
|
|
|
Corporate Structure Detrimental
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Entities - Status
|
|
Company
Name
|
Reg.
No.
|
Status
|
|
EUROCYPRIA AIRLINES LIMITED
|
C44184
|
Registered - Self Liquidation
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Entities
|
|
Company
Name
|
Reg.
No.
|
Case
No/
Invoice
No.
|
Default
Desc.
|
Amount
|
Claimant
|
Date
of Claim
|
|
EUROCYPRIA AIRLINES LIMITED
|
C44184
|
[No specific source]
|
Self-Liquidation by Creditors
|
|
-
|
29/11/2010
|
|
EUROCYPRIA AIRLINES LIMITED
|
C44184
|
4755
[No specific source]
|
Notification of Appointment of Liquidator
|
|
-
|
29/11/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate financial statement
|
|
|
Financial Figures are Individual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS
|
|
|
|
|
Property,
plant and equipment
|
382478
|
389748
|
|
|
Intangible
assets
|
32493
|
39581
|
|
|
Investment
property
|
17156
|
25615
|
|
|
Investment
in associates
|
102552
|
93240
|
|
|
Available-for-sale
financial assets
|
2587
|
2248
|
|
|
Trade
and other receivables (Fixed)
|
26680
|
34259
|
|
|
Total fixed assets
|
563946
|
584691
|
|
|
CURRENT ASSETS
|
|
|
|
|
Inventories
|
6882
|
5530
|
|
|
Trade
and other receivables
|
124646
|
104443
|
|
|
Debtors
|
29618
|
29280
|
|
|
Cash
and cash equivalents
|
242309
|
242047
|
|
|
Total current assets
|
403455
|
381300
|
|
|
Total assets
|
967401
|
965991
|
|
|
CAPITAL AND RESERVES
|
|
|
|
|
Share
capital
|
|
2097
|
|
|
Other
reserves
|
874726
|
859008
|
|
|
Total equity
|
874726
|
861105
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
Long-term
Borrowings
|
723
|
1061
|
|
|
Deferred
income tax liabilities
|
5749
|
6749
|
|
|
Total long-term liabilities
|
6472
|
7810
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade and
other payables
|
85747
|
95293
|
|
|
Current
income tax liabilities
|
113
|
1438
|
|
|
Borrowings
|
343
|
345
|
|
|
Total Current Liabilities
|
86203
|
97076
|
|
|
Total liabilities
|
92675
|
104886
|
|
|
Total equity and liabilities
|
967401
|
965991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
473982
|
466470
|
|
|
Cost of
goods sold
|
401840
|
390569
|
|
|
Gross profit
|
72142
|
75901
|
|
|
Other
Operating income
|
6407
|
2735
|
|
|
Other
expenses
|
7643
|
5938
|
|
|
OPERATING PROFIT/LOSS
|
70906
|
72698
|
|
|
Finance
Income
|
49840
|
49208
|
|
|
OtherExpenses
|
688
|
3289
|
|
|
Finance
costs
|
38341
|
39172
|
|
|
Profit/Loss
before income tax
|
81717
|
79445
|
|
|
Income
tax expense
|
8435
|
10270
|
|
|
Profit/Loss for the year
|
73282
|
69175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS
|
|
Gross
Profit margin on sales
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0.15
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0.16
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Return
on assets (ROA)
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0.15
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0.15
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LIQUIDITY RATIOS
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Current
Ratio
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4.68
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3.93
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TURNOVER RATIOS
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Sales
to Net Working Capital Ratio
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1.49
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1.64
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Total
assets turnover (times)
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0.49
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0.48
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Additional Information
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MAIN
SOURCES OF INFORMATION - FOR DNB REPORT
i. Visited Official Companies
Registry
ii. Interview with Company /
Correspondence
iii. Desk Research
iv. Search through Internet
Subscription Databases (Business Information)
v. Specialized Media Search Global
& Local
vi. Search through internet Social
Networks
vii. Local Correspondent Negative
Record Database
viii. Relationship/Directorship
Search through Local Correspondent Database
The company was established with the aim
of providing, maintaining and developing a comprehensive
telecommunications service, both nationally and internationally. Cyta
is considered to be the leading provider of integrated electronic
communications services in Cyprus.
We contacted the Subject in question
and talked to Ms Nasia Agapiou, Online Services - Product Manager
Services Development, who informed us that a written questionnaire
should be sent to Mr Fotis Savvides, company executive general manager,
in orde to provide us with information regarding the subject. A written
questionnaire was sent; however there was no response yet. Should any
additional information becomes available we will forward them to you as
soon as possible.
Please note that the subject is a
Semi-Government Organization, thus its share capital is undisclosed.
The information provided in this
report was obtained from the Subjects Web-site and from a previous
interview with the company.
COUNTRY DEVELOPMENTS:
On 13 June 2012, Moodys Investor
Service once again downgraded Cypruss government bond ratings by two
notches to Ba3 from Ba1 and research is now being carried out for
further possible downgrade.
The Cypriot banks exposure to Greece
totals 29 billion Euros, or 160% of GDP, including both Greek
government bonds and loans to Greek residents. As a result, it is
expected that an increase of support by the government may have to be
offered to the Cypriot banks due to their exposure to the Greek
government and economy and Moodys will be reflecting these in the
Cypriot sovereign ratings.
On 25 June 2012 Financial Mirror
published that, Cyprus has applied for the European bailout fund due to
its need of 1.8 billion Euros to recapitalize its second largest
lender, Cyprus Popular Bank. Stefanos Stefanou, a government spokesman,
said that negotiations are yet to be made to determine the precise
amount of money which will be lent to Cyprus. He also noted that
despite the aid request from the EU, the Cypriot government will
continue seeking for a loan from a country outside the EU, such as
China and Russia, needed to help cover its budget deficit (2011
deficit: 6.3% of GDP, one of the highest in the Eurozone).
The country has already borrowed
2.5bn euros from Russia, whose business people are important customers
of Cyprus's relatively large offshore financial sector which offers low
tax rates. If Russia accepts to supply another loan with a low interest
rate then Cyprus may be more willing to borrow the money to cover their
refinancing needs from Russia instead of the EU.
On 25 June 2012 Fitch announced a
downgrade of Cypruss rating by one notch from BBB- to BB+; a decision
due to Cypruss heavy exposure to the Greek economy.
Cyprus is keen to protect its low 10%
corporate taxation rate which makes it an attractive base for foreign
companies. The government is reluctant to acquire loans from the EU due
to fear of further austerity measures placed, which may obstruct
corporations from situating themselves in Cyprus. (End of Country
Developments)
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Contact Information
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Name:
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Ms Nasia Agapiou
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Quality:
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company
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Title:
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manager
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Couldn't supply
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Any info
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A questionnaire was sent - no reply
received
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News
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http://www.cyta.com.cy/interes
|
01/01/2009
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In the framework ofCyta's corporate
social responsibility, the Organisation is especiallyinterested in
Road Safety, a subject of concern throughout Europe andparticularly in
Cyprus. In Dublin, Ireland in April 2004, Cyta signed theEuropean
Road Safety Charter (ERSC) and, together with 38 other
organisations,authorities and companies from various European Union
member states, committeditself to the common European goal of halving
the number of road fatalities by2010
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http://www.cyta.com.cy/strateg
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26/01/2009
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Cyta's main strategic partner is
the multinational mobile network operator Vodafone. Our organisation signed
a partnership agreement with Vodafone in February 2004. Since then,
all Cyta mobile products are marketed under the dual brand
Cytamobile-Vodafone. Cyta also has access to a number of Vodafone
products (Vodafone World and other roaming products, Vodafone live!,
Vodafone Mobile Connect, etc several of which have already been
commercially launched in Cyprus with great success) and to Vodafone's
communication material and global sponsorship.
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http://www.movial.fi/en/compan
|
17/12/2008
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HELSINKI, Finland - December 17,
2008 - Movial, the company that inspires rich, intuitive Internet
experiences, today announced that Cyta, the leading
telecommunications company in Cyprus has launched an IMS PC play with
its broadband telephony service bundle, powered by Movial
Communicator. The new service features exceptional voice quality, the
industry's most advanced High-Definition (HD) video capabilities for
PC users available today and a host of converged communication
capabilities.
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http://www.cyta.com.cy/strateg
|
06/08/2008
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Cyta's main strategic partner is
the multinational mobile network operator Vodafone. Our organisation
signed a partnership agreement with Vodafone in February 2004. Since
then, all Cyta mobile products are marketed under the dual brand
Cytamobile-Vodafone. Cyta also has access to a number of Vodafone
products (Vodafone World and other roaming products, Vodafone live!,
Vodafone Mobile Connect, etc several of which have already been
commercially launched in Cyprus with great success) and to Vodafone's
communication material and global sponsorship.
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http://www.cyta.com.cy/company
|
06/08/2008
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Cyta is a semi-government
organization. It was established with the aim of providing, maintaining
and developing a comprehensive telecommunications service, both
nationally and internationally. Cyta is considered to be the leading
provider of integrated electronic communications services in Cyprus.
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http://www.cyta.com.cy/
|
03/06/2008
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An innovation for education in
Cyprus is the 'Pefkios Georgiades' electronic Elementary School which
was, recently, officially opened by President Tassos Papadopoulos in
the presence of government officials and media representatives. CYTA
in collaboration with the unit of informatics of the Ministry of
Education and Culture turned this unique school for the Cyprus
educational standards, into a modern electronic space of education,
thus contributing significantly in the creation of a 'Model
Electronic School'.
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http://www.politis-news.com/cgibin/hweb?-A=220274&-V=articles
|
25/07/2012
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Meeting with leadership of Cyta had
this morning the Treasury team Troika, during which investigated the
potential privatization of the Agency.
In statements after the meeting, President of Cyta Kittis Stathis
said the team requested further information on the finance,
investment and dynamism of Cyta.
As he said, "I also wanted to learn details of the Pension Fund
of Cyta. He explained that the Pension Fund has a special format and
are not owned by the state. "
At the same time, he added, "they wanted to learn about the
issue of the institutional framework. We explained that a different
institutional framework would help the further development of Cyta ».
Mr. Kittis also said that the team informed the Troika that
"Cyta is a successful organization that belongs to the state,
but also contributes to the state's finances and it would be unfair
to pity or privatized, so that the profits accruing to end up in
private pockets instead of the state budget is in the interests of
the Cypriot people. "
Asked if the Troika raised the issue of privatization of Cyta, Mr.
Kittis said "asked our opinions. Not raised the issue,
"adding that it is a group that explores these issues, posting
opinions and thoughts and" will return in September to discuss
with the Government the issues. "
"We insist that organizations like Cyta working in ways that
contribute to the state budget rather than a burden," he said.
Mr. Kittis said he informed the team that in recent years, Cyta has
contributed 600 million euro to around 80 million a year - the state
budget.
He said that "people have a duty to perform, to update their own
data relevant to each country" in order, as he said, to explore
the possibility for each country to draw on their own resources,
before asking external financial assistance.
Asked if they considered Cyta is one organism from which the state
can raise a lot of capital, he said "what would they tell us
they do. We gave them information. "
The mission of the troika also had a meeting this morning with the
EAC technocrats in the Ministry of Finance.
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http://www.politis-news.com/cgibin/hweb?-A=220252&-V=articles
|
25/07/2012
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These words act did PrimeTel reducing
fixed charge for fixed and mobile telephony to 9.99 euros a month.
According to a company representative, the fee is the lowest in Cyprus.
Through this move PrimeTel seeks to strengthen its market share in
the domestic market, both in mobile and fixed telephony.
Recalled that a few months ago, the House of Representatives debated
the issue of fixed charges in Cyprus, which he considered too high
and sought to find ways to reduce them.
The PrimeTel, announced it welcomes efforts to reduce costs and
support the need to review the costing methodology of the fixed fee
in order to achieve the goal of reducing both the retail and
wholesale charges. Finally PrimeTel believes that such a development
would contribute substantially to household financial relief in a
time of crisis.
It should be recalled that under EU regulations, if Cyta dominant
market charges will be consistent with the principle of cost.
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http://www.politis-news.com/cgibin/hweb?-A=220162&-V=articles
|
18/07/2012
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The decision to take proactive measures
in the event that the Administrative Committee of the Pension Fund of
Cyta changed decision and lend the state the amount of 200 million euros,
sent today a letter to the Managing Committee, the guilds of
Cyta-passing CYTA, SEP CYTA-and acetone-Cyta.
The letter, sent to the staff of the Agency, the unions expressed the
hope that the Administrative Committee to remain firmly in place,
which was taken on July 9, for refusal to lend the state. As stated
by the guilds, the MoF returned with a new letter requesting the
Administrative Committee of the amount of 200 million euros from the
pension fund.
If it is determined that there is any intention to change the
decision, then the three unions representing and expressing through
their positions more than 50% of the members of the Fund, will react
readily with both strong action and a legal action against the
responsible person, Unions say that.
"Bleeding the Fund, but also the rumored possible unification
with other funds not under negotiation or discussion. Is our red line
and only intended for the violation involves dynamic measures
immediately, "they state.
The Unions characterize illegal borrowing of the state, which would
entail collective and individual responsibilities to the members of
the Managing Committee.
In the letter, the unions also report that recently consented to
diversify the Pension Fund of newcomer staff to ensure its sustainability.
"We can now once the staff get back to the same dilemmas,
concerns and risks. The staff are waiting so unhinge and the
leadership of the Agency and the Trade Unions, to rise to the
occasion and ensure the best interests.
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http://www.politis-news.com/cgibin/hweb?-A=219998&-V=articles
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11/07/2012
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Common communication which inform staff
of Cyta for their position to engage the Auditor General of the
Republic Chrystalla Georghadjis control management and investment of
the Pension Fund publishes today the steering committee of the unions
of semi-government organization.
This position was expressed before the Parliamentary Audit Committee
pursuant to the notice guilds, Tuesday.
"The main purpose of the three Unions was the involvement of the
Office of the Auditor General for complete control over the
management and investment of the Pension Fund and our primarily, our
efforts were to meet this target," it said.
It welcomes the positions on this issue of MPs, members of the
Commission.
At the meeting, added, "stressed the utility and even the
necessity of the institution of retirement to thrive CYTA and asked
MPs to see positively the request of the Agency to increase the
allocation under relevant supplementary budget, to be able to retire
all Members who have applied. "
The unions say the Cyta expressed their concerns about the negative
effects of service Cytavision and requested immediate notification of
the Board of the Agency's strategic plans in order to submit their
own questions and opinions.
According to the announcement on the matter guilds asking for
information here and a few months without a response
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http://www.politis-news.com/cgibin/hweb?-A=219961&-V=articles
|
10/07/2012
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The Coordination Committee of Trade Unions
Joint Action of CYTA expresses "strong opposition and concern at
the decision of the Board of CYTA to proceed under a concession loan,
totaling 101.1 million euros to the State, the Agency reserves' and
parallel Welcomes the decision of the Administrative Committee
"not to disburse the pension fund us any amount."
In a statement, the Joint Action Committee also expresses
"serious doubts that this amount will not affect the
developmental program of the organism and thus the competitiveness,
therefore, we expect to learn about the commitment of the Ministry of
Finance for refund within three months and that this will ensure the
necessary safeguards. "
In this context, says the Joint Action Committee of CYTA, «expect to
be informed in detail by the Board for possible effects on the
development program of the Agency for what projects will be affected
and what plans have been developed to overcome the problem that we
may create, the lowest possible cost. "
Parallel, "expect directly from the President of the Board to
fulfill its commitment given before the Finance Committee and to call
us during the day, for an extensive briefing on the issue," the
Joint Action Committee.
Hopefully, continues the statement that "other organizations and
businesses, and could contribute to a parity allocation of financial
assistance to the State, because the crisis for everyone, not just a
portion of employees of Cypriot society."
The Joint Action Committee of CYTA calls "all the trade union
movement to unite the Agency that within the workings of the
Coordinating Body to discuss serious issues and problems relating to
CYTA and workers to shape if mutually agreed and acceptable binding
framework for action to solve them. "
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http://www.philenews.com/el-gr/Eidiseis-Texnologia/4703/114864/adynatoun-na-dosoun-fili-zois-stin-psifiaki-tileorasi
|
31/08/2012
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The Attorney General's opinion to tie the
hands of the Ministry of Communications, which already officially
expressed his inability to help in efforts to save the company that
manages the Velister private digital terrestrial television platform,
through which emit all private channels of Cyprus.
As announced in the company's representatives at the meeting held
last Tuesday at the Ministry of Transport, the prosecutor opined that
can not be "discount" on the financial obligations towards
the company in the state, due to license digital platform secured
after auction.
As the prosecutor, in case they change the terms of the agreement,
then given the right to the other two companies involved in the
relevant auction and lost to litigation, having many chances to win a
court battle.
Permission is known as claimed, except Velister, the Cytavision and
LGS, already sent a letter to the Ministry, expressing his readiness
to institute legal proceedings in the event that changed the terms of
the license granted in Velister.
Attempts to rescue the Velister pay is known as the Broadcasting
Authority, which fears that because of its financial problems, will
increase the fees charged to private channels, so many of them to
download shutters.
The Velister won an auction the license for digital terrestrial
platform, offering 10 million euros, which eventually surpassed the
11 because he chose to pay by installment.
Of this amount has already paid the state 4,400,000 euros and payable
on September 27, 2012 the next installment is 2,300,000 euros, while
according to the data collected by the Broadcasting Authority, shows
a loss of around 1,500,000 euros.
Because of the economic impasse today VELISTER, there may proceed to
higher fees imposed on channels and 102.000 per year currently, to
raise to 250.000.
Commenting on the latest developments in the efforts to rescue the
digital television executive chairman of the Broadcasting Authority,
Andreas Petrides said he hoped that the Ministry will come up with a
legal solution to the problem, ensuring the viability of the
broadcasting field.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=114125
|
09/03/2010
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The Community Acquis does not forbid a
semi-governmental organization, even Cyta, to claim a license in
order to secure the second platform of terrestrial digital TV, Electronic
Communications and Post Office Regulator, Polys Michaelides stated
today, presenting the budget 2010 of his office to the House Finance
Committee.
Besides, Cyta has the right to participate in the auction together
with two more interested parties, the joint venture of the private TV
stations and the Greek-Cypriot joint venture LRG, he said.
Responding to the MPs questions whether Cytas action entails a
monopoly, since the first platform will be administrated by CyBC, Mr.
Michaelides said that it is a political issue.
My service did not carry out any study to ascertain whether Cyta
will have an additional benefit from the second platform, he added.
At the same time, the Regulator revealed that the bids for the second
platform were out 15 days ago and they are under examination by the
competent committee of the Interior Ministry.
The auction procedure will follow. In order to inform the public,
the office of the Electronic Communications and Post Office Regulator
will launch a campaign to inform the citizens on the digital TV, the
cost of which will reach 700 thousand, Mr. Michaelides said.
The procedures are progressing normally so that the digital TV in
Cyprus is adopted in July 2011, he stressed.
The issue will be discussed by the House Communications Committee
tomorrow. The House will also examine the proposal of DISY MP,
Lefteris Christoforou and DIKO MP, Nicholas Papadopoulos according to
which Cyta does not become actively involved in the sector of digital
platform.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=136213
|
15/06/2011
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The losses of Cyta Hellas expanded n
2010, despite the increase in its turnover.
According to a General Auditors report for Cyta in 2010, the company
recorded losses of 27 million in 2010 against losses of 21 million
in 2009.
The losses went up despite the increase in its turnover to 29
million from 13.8 million.
According to the General Auditor, the losses increased due to the
depreciations of the fixed assets and are anticipated due to the high
cost of the initial investment.
Cyta Hellas is subsidiary of Digimed, which belongs to Cyta.
According to the report, due to the fact that the sector of
telecommunications in Greece is constantly changing, the company
assigns to a consulting company in Greece from time to time to update
its business plan.
According to the plan updated in January 2011, the company will
become profitable in 2013 and may operate on an autonomous basis from
2014.
The company was established in 2007 and its share capital as at
31.12.2010 stood at 78.4 million (2009: 53.9m). It belongs by 95%
to Digimed Communications Ltd and by 5% to the Authority.
Cyta Hellas is active in the provision of broadband telephony and internet
services in Greece.
According to its business plan, the sum needed for the completion of
its nationwide coverage is estimated at 40.6 million and will stem
from loans that Cyta Hellas will take from commercial banks (20.6m
in 2011-2013) and the further increase in its share capital (20m in
2011-2012).
According to its business plan, from 2014 the company will be able to
operate without additional funding needs.
In 2010 the company had borrowed 34.5 million from commercial banks.
To receive the loans, the Authority sent letters of comfort to the
commercial banks.
The company employs 528 employees and has 309 phone centres
activated. Until 31.12.2010, it had made investments of 78.3 million
(2009: 45.4) and had installed 2,200 km of self-owned optical fibres
network.
Its net value as at 31.12.2010 was estimated at 110.6 million.
The parent company, Cyta, had a net surplus before tax of 82.73
million for 2010 compared to 94.39 million in 2009.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=131349&lang=gr
|
13/09/2012
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Changes in the television field creates
three-year agreement awarded by Cyta with LTV for viewing two HD
channels (HD-High Definition), the LTV PREMIER HD and LTV SPORTS HD, customers
pay TV Cytavision.
In communication, Cyta provides that both channels LTV PREMIER HD and
LTV SPORTS HD running already by Cytavision at positions 34 and 35
respectively, and are included in the package Full Pack of
Cytavision.
"The High Definition TV technology offers significantly higher
resolution, compared with both the analog and the digital Standard
Definition signal, providing high quality picture and sound. The two
channels are displayed temporarily in Standard Definition, while the
coming months completed the technical infrastructure for promotion
and creation of these new channels, which will be screened in High
Definition », he adds.
The Cyta says LTV PREMIER HD channel relies on selected games Premier
League and live sports broadcasts with interviews, backstage,
contests and all the news about the top football tournament, while
the LTV SPORTS HD channel relies home soccer matches AEL selected
Cypriot football matches, European matches and international football
leagues, selected games NBA, racing Formula One, international
rallying and other sports.
With the agreement is a step toward consolidation of content that
football today is fragmented into various providers.
A few months ago, Cyta made similar efforts to integrate the football
content with Primetel, which ultimately failed.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=128629&lang=en
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13/09/2012
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Cyta is in deliberations with
telecommunication companies in Greece for the expansion of potential
cooperation that will allow its subsidiary, Cyta Hellas, to boost its
presence in the country but it is not for sale, Cyta CEO, Fotis
Savvides told StockWatch on Wednesday.
Commenting on the report of newspaper Phileleftheros, according to
which Cyta is in negotiation with Forthnet and Hol for the absorbance
of Cyta Hellas, Mr. Savvides noted that Cyta is having contacts with
other organizations too and the cooperation concerns several levels.
According to the newspaper, Cyta leaders had a meeting with close
partners of Mr. Socrates Kokkalis in Nicosia yesterday to discuss the
proposal for a merger of Cyta Hellas either with Forthnet (whose
major shareholder is Dubai Group) or Hol (controlled by Greek
businessman).
Yes indeed. We had contacts with Mr. Kokkalis partners. The
cooperation is on several levels and certainly does not concern
either the sale of Cyta Hellas or its absorbance. Cyta will continue
as it is in Greece, Mr. Savvides told StockWatch.
Cyta Hellas is the vehicle of CYTA for the expansion of its
activities to Greece.
In 2009, the Company suffered losses of 21 million but it hopes
until 2012 to become profitable with the expansion of the existing
customers list to 230 thousand persons.
It has a presence in Northern Greece and Crete and aims to expand its
presence to Attica gradually.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=149962
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15/03/2012
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Potted budget was passed by parliament Cyta,
since the majority of the House proceeded to the crossing of
significant funds.
This followed the decision of the House Finance Committee to crucify
the item relating to the service Cytavision and particularly the
costs for securing TV content service from Nova Cyprus.
After amendments tabled DISY, parliament pledged 50% of funds for
advertising and promotional expenses totaling 11cm and 50% of its
investment Digimed through Cyta Hellas, which amounts to 30M.
The first amendment voted for the opposition parties voted against
AKEL and DIKO MP George Prokopiou abstained.
The second amendment was passed by DISY, DIKO, EDEK and EVROKO while
abstaining respected Members of AKEL and ecology.
Please note that this item is crucified and the Ministry of Finance.
Similarly, the Finance Committee also decided to delete the line
concerning the provision of interest-free loans to employees of the
Authority for the acquisition of private vehicle.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=154477
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13/09/2012
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Cyta is presented Monday, June 11 in the
football teams that supports the new framework of cooperation between
them. The plan of action include commercial activities, specialized
services and promotional activities, aiming to develop even closer
relationship between the fans of any football team with Cyta,
products and services.
The plan was developed by members of Cyta, in collaboration with the
Research Center for Sport University of Nicosia, specialized in the
field of Sports Marketing. At the event, President of the Centre, Mr
Nikos Kartakoulis analyzed the bidirectional relationship sponsoring
group and stressed the need to adopt new Cyprus most professional and
technocratic approaches for football.
The President of Cyta, Mr. Stathis Kittis to welcome, stressed that
what the Agency is planning to mutual benefit groups and Cyta, but
mainly for the benefit of fans. On his part, the President of the
Commission and Member Cytavision of Cyta, Mr Nicholas Georgiadis
stated core goals that serve the strategic decision to invest in Cyta
sponsorships and television rights of Cypriot football teams.
The Head of Cytavision, Mr. Orestes Kingdom, in his address referred
to the new partnership with groups pointing out that: "The
management of the investment in football and certainly the commercial
side, requires a strategic plan and measurable physical effects and
the critical success factor of our plan is the commitment and active
participation of those involved. "
Then, other officials of the Organization had the game plan was
driven strategic goals of Cyta, after studying examples of successful
football developed markets, compared with the Cypriot reality. There
followed an exchange of views with the active involvement of
representatives of football teams.
At the invitation of Cyta have responded massively Presidents and
Board Members, Directors and managers of football teams who viewed
very positively to this new development, welcoming the Cyta's
initiative and declared ready to be actively involved, realizing the
importance of the project for the fans them.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=128629
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13/09/2012
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Cyta is located in consultation with
telecommunications companies in Greece to explore possible
partnerships that will enable the subsidiary of Cyta Hellas to
strengthen its presence in the country, but not for sale, StockWatch
reported to the CEO, Fotis Savvides.
Commenting newspaper newspaper which talks about negotiations with
Cyta Forthnet and Hol for absorbing Cyta Hellas, o Mr Savvides said
that contacts made with other organizations and cooperation on
various levels.
According to the newspaper, the leadership of Cyta met yesterday in
Nicosia with close associates businessman Kokkalis and object of the
meeting was the proposal for merger of Cyta Hellas or by Forthnet
(which is the majority shareholder Dubai Group), or by Hol
(controlled by the Greek entrepreneur).
"Yes. Yesterday we had contacts with colleagues entrepreneur.
Collaboration is at different levels and not the sale of Cyta Hellas
either absorbed, "he said in StockWatch Mr Savvides. «H Cyta
Hellas continues seamlessly work in Greece," he added.
The Cyta Hellas is the vehicle of the state telecommunications
company to expand its operations in Greece.
The company recorded a 21 million loss in 2009 but hopes that by
2012 it will become profitable by extending the existing customer
base to 230 thousand people.
It has presence in Northern Greece and Crete and aims to gradually
expand its presence in Attica.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=147872
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13/09/2012
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Ex officio investigation against Cyta
decided by the Commission for Protection of Competition.
The decision was taken unanimously by the members of the PSC meeting
held on Thursday and provides automatic conducting research against
CYTA under the trade name CYTA and group Forthnet SA and / or the
Multichoice Hellas S.A.
The PSC will consider the violation of Articles 3 and / or 6 of the
Act and Articles 101 and / or 102 of the Treaty on the Functioning of
the European Union to explore cooperation between CYTA and the group
Forthnet SA and / or the Multichoice Hellas S.A. in connection with
their agreement to dispose of the TV content of satellite platform
Nova Cyprus through the platform Cytavision or their action
separately as a result of this cooperation in disposing television
channel / TV rights / TV content on pay TV.
As part of this own-initiative inquiry, the Commission instructed the
service such conduct preliminary investigation.
The committee notes the need to explore the issues of business cooperation
with any strong position and importance in the pay TV and / or
distribution of television content and the consequences of such
collaborations.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=145915
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13/09/2012
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Agreement on the transmission channels
through the Nova Cytavision, closed by Cyta.
As said in a statement, Cyta agreed with Nova transmission channels
with movies and sports content, emitted from the platform of Nova
Cyprus.
H agreement, as stated in the notice, creates new prospects for
Cytavision making essentially the most content rich pay-TV platform
in Cyprus.
The Cyta announced today that on Dec. 23, 2011 Cytavision subscribers
can watch free of charge until the end of January, Novacinema1-4
positions 100-103 respectively and Novasports 1, 2, 3, 4, 6, 7 at
positions 104 -109 respectively. The Nova Christmas will be located
at position 110.
On January 1, comes the announcement of Cyta, will be announced the
end of new packages of Cytavision some of which will include channels
of Nova
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=130137
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17/02/2011
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Ambitious plans for growth of 5% market
share currently held in Greece with the activation of Attica, today announced
the Cyta Hellas started from February to work with the message
"Hello Athens."
The subsidiary of Cyta has already gone to capital investment 100
million to Greece and expects to begin to have positive effects
(EBIDTA) from 2012 from 2013 profits.
It also believes that by 2014, the subsidiary will be an important
source of income for the semi-governmental organization, offsetting
losses from the domestic competition.
First the province ...
The movement of Cyta in Athens following the operation in the
province, where it operates for almost half.
Speaking today at a press conference in Nicosia, CEO of Cyta Hellas
Michael E. Achilleos, explained that its subsidiary Cyta chose to
start from the province before extended to large urban centers.
The Cyta Hellas provides products landline and internet (1play,
2play) to 140,000 customers in Crete, Western and Central Macedonia,
Thessaloniki, Katerini, Larissa, Volos, Lamia, Patras and Saronic
islands (Aegina, Salamina) Mr Achilleos.
The number of subscribers compared favorably with that in Cyprus,
which reaches 145 mm
Mr. Achilles said in presenting the consistency between words and
deeds of Greece stating that implemented the goals of the
administration to expand the network to over 2200 km 1636 km that was
2009.
Today Cyta Hellas has 410 partners, investing 85 million and staff
of 517 people.
Operates in 8 owned stores and 6 more stores are under construction.
Mr. Achilles said that even without coverage in Athens, Cyta had a
market share of 9.25% in December 2010.
The market share of Cyta Hellas to Eurozone services reaches 5% (by
number of subscribers).
And now Athens
Next target and bet for Cyta Greece is unable to meet the most basic
products of telecommunications needs and demands of the inhabitants
of the capital, helping to improve their lifestyle.
According to Mr. Achilles, Cyta in Greece supported the investment in
two main areas: the development of privately owned fiber optic
network, and customer service after the sale area which employs 2/3
of its workforce, which already numbers more than 500 people.
In the short time of its commercial presence in Greece, Cyta has
managed to create, in addition to its large network of official
partners in all areas of activity and a rapidly growing chain owned
stores, along with proprietary techniques fleet service.
Vindicated options
The Chief Executive Officer of Cyta and CEO of Cyta Greece Fotis
Savvides said that the entry of the company in Athens vindicates the
prior four years, a decision to expand to Greece, adding that all
services and technologies available to the parent Cyta Cyprus is at
the disposal of the subsidiary, which is an additional guarantee for
the very good performance of Cyta in Greece.
Replying a question, revealed that the management focus is Cyta have
additional net income 25-30 million in 2014 in Greece.
Entering its subsidiary in Athens greeted the President of Council
Kittis Stathis, noting that Cyta managed today is already ahead in
the preferences of customers and present enviable growth rates,
although the latter began as a provider of fixed-line telephony and
internet in the Greek market.
Commenting information Cyta partnerships with other providers, Mr.
Kittis said that Cyta went to Greece to stay and not to sell its
subsidiary and leave.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=119699
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13/09/2012
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Stay in the drawer for now proposals
arriving at Cyta for investment property. The tension that exists in the
high roofs of the body leaving aside its development plans, which
include the investment by the Pension Fund officials Cyta in real
estate.
The fund has assets of 750 million and last year decided to invest
10-15% in property, seeking higher yields of 4% offered by bank
deposits, for the temporal coverage of deficits.
The Fund is managed by a nine Cyta Board and the CEO of the
organization, Fotis Savvides, based on studies of service personnel
agency and taking recommendations from external consultants.
The composition of external advisors of the Fund was to invest in
commercial real high tech.
Before about a month ago and brought to the surface by infighting in
the administration of Cyta, the Board invested 42 million in two
properties in Esperidon.
Properties in Hesperides
The first was owned by the family Athienitis and purchased at 19
million, as reported to StockWatch, president of Cyta, Stathis
Kittis, the property passed already.
The second was purchased by the Markides family versus 23 million
and will be built in this high-rise building with underground
parking.
Another member of the Management Committee of the Fund told
StockWatch that the property has an area of about 5.4 thousand square meters, which
entails a cost of around 4,300 so far.
"The Cyta expects to have rents around 20 a meter when the
project is completed," said Mr. Kittis, which may be 2014.
The government pays for rent office space close to 12 per square
meter.
"This area is ideal for high rents, it has absorbed many big
companies," noted Mr. Kittis.
The agreement signed by Cyta with vendors, allegedly there is a
provision for reimbursement maximum amount of 3 per square meter
for a period if the rent does not reach these levels.
Cyta president categorically rejects that the acquisition cost of
buildings was higher than that available in the market today.
"Whatever is said to be affected by Cyta and gain at the expense
of individuals," he said. "We monitor the Auditor General
if there is something wrong will find it. We operate mainly in the
interests of the organization must cover the deficit of the fund,
"he said.
Mr. Kittis said before start infighting, Cyta looked 5-6 proposals
for purchase of property in different areas, but which have been left
behind at the moment.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=136213
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13/09/2012
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Expanded in 2010 and losses of Cyta
Hellas despite increasing turnover.
According to the 2010 report of the Auditor General for Cyta, the
Company recorded losses 27 million in 2010 compared to losses of
21 million in 2009.
The increase in losses was despite an increase in turnover of the
29 million from 13,8 million
According to the Auditor General, the losses increased primarily due
to depreciation of fixed assets and are expected due to the high cost
of the initial investment.
The Cyta Hellas is a subsidiary of Digimed, owned by Cyta.
As the report of Chrystalla Georghadjis for Cyta, because the
telecommunications sector in Greece is changing constantly and
intensely, the company assigns from time to time a consultant Greece
updating its business plan.
According to the plan was updated in January 2011, the company
expects to be profitable in 2013 and can operate independently in
2014.
The company was founded in 2007 and its share capital at 31.12.2010
was 78,4 million (2009: 53,9 million) and 95% owned by the
Digimed Communications Ltd and 5% to the Authority.
The company is engaged in providing broadband internet and telephony
services in Greece.
According to the business plan of the company, the amount you will
need to complete the activity nationwide is estimated at 40,6
million and is expected to come from loans entered into by the Cyta
Hellas from commercial banks ( 20,6 million during the years 2011 -
2013) and further capital increase ( 20 million in the years 2011 -
2012).
Always in accordance with the business plan of the company in 2014 is
expected to be able to operate without additional funding needs.
It is reported that in 2010, the company has to borrow from
commercial banks totaling 34,5 million for the granting of loans,
the Authority sent letters of support (letters of comfort) to commercial
banks which states that throughout the duration of the loan itself
Authority has deposited an amount at least equal to the amount to be
outstanding as loan Cyta Hellas.
H company today employs 528 staff and has enabled 309 call centers.
Until 31.12.2010 has made investments amounting to 78,3 million
(2009: 45,4) and has installed 2,200 km proprietary fiber optic
network.
The net present value as at 31.12.2010 was estimated at 110,6 mn
The parent Cyta had a net surplus before tax of 82,73 million in
2010, compared to 94,39 million the previous year.
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http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=125330
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13/09/2012
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Eventually wrecked efforts to integrate broadcasting
of six football teams in the first class television platforms Cyta
and Primetel. The agreement in principle between the two, held on
Oct. 22, could not be implemented so that the two consultations have
been suspended.
On 22 October the two companies had announced an agreement whereby
subscribers Cytavision could attend home games of the three groups,
whose rights have the Primetel, ie Apollo Limassol, Paphos and Sports
Association APOP Kinyras Peyia no additional cost to subscribers.
Similarly, Primetel subscribers could with this agreement to attend
the home games of the three groups, whose rights have the Cytavision,
ie, AEK Larnaca, E.N. Paralimni and Glory Katokopias.
Today, Cyta announced that "during the discussion was not
possible to implement principles of an agreement in principle. Hence,
consultation at this stage have been suspended. "
"The Cyta will continue its efforts in every direction, to
implement its commitment to offer Cypriot football fans can enjoy
Cypriot football at the lowest possible cost," said the
announcement.
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Recent Enquiries
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Recent Enquiries on this subject
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