Cablenet Cyprus to offer Internet link

After taking the Cyprus pay-TV market by storm in the areas where its active, Cablenet is reported to be close to establishing powerful servers that will enable it to offer high capacity Internet access before the year-end.

A high level delegation from a major multinational will be visiting Cyprus in early August to finalise the details with respect to the purchase of new machinery and equipment that will allow Cablenet to offer its customers high capacity Internet access in addition to beaming 40 channels on their TV sets.

The company promises to shake the Internet access market, offering both dial-up and DSL service, providing 1 to 2Mbps speed capacity at very affordable rates.

The company, which commenced operations last year, covers a number of densely populated areas in Nicosia, mainly Strovolos, and has recently extended its reach to also include Limassol (Mesa Yitonia/Moutagiaka) and some areas of Larnaca.

Last week, a daily newspaper citing EAC officials said Cablenet’s agreement with the EAC allowing it to pass its cables on the EAC poles is in jeopardy.

Cablenet denies that the EAC can pull the plug on its operations and says it has asked the EAC to agree to independent arbitration over a dispute regarding the guarantee amount that it had originally posted and under its understanding is valid only for the first year of the cooperation accord with the EAC. Cablenet also wishes to clarify the issue of whether or not the EAC will exercise the option to take a 40% equity stake in the company.

Meanwhile, Cablenet officials say they have been approached by foreign investors from Greece, Holland and Germany seeking additional information on the company’s financials and prospects, leading to an injection of capital that may well run into several millions of pounds.