With its profits continuing to rise on the back of containing expenses, state telecoms operator Cyta will spend €500,000 to hire consultants who will advise on its privatisation process and the search for strategic investors.
The 2020 budget, that as a semi-government organisation Cyta requires parliamentary approval, provides for a widening in its surplus due to increased revenues and further reduction in costs, reversing the downward trend of previous years.
While Cyta aims to keep costs below the 2019 levels, the telecoms authority’s 2020 budget foresees revenue of €349.1 mln compared to revenue of €340.5 mln in 2019.
The increase is attributed to revenues from telecommunications services projected at €343 mln from €331.5 mln this year.
Budget expenditure for 2020 amounts to €306.5 mln, compared to €310.5 mln in 2019.
According to a government decision, Cyta is required to explore all options available for privatizing their business, from selling off shares, creating privately owned subsidiaries or partial privatization of the Cyprus Telecommunications Authority through the recruitment and selection of a Strategic Partner or Investor.
According to guidelines given to the authority, the investor should be in a position to modernize and upgrade the Cyprus Telecommunications Authority by developing and transforming it into a more flexible and competitive telecoms firm.
The €500,000 set aside in the budget will be used for calls for tenders with the aim of inviting independent specialized financial and legal consultants to look into the various options and come up with a roadmap