Primetel’s new owners, Signal Capital Partners, have reassured the telecoms regulator that after going into administration, the company will continue to serve its 200,000-customer base.
The telecom’s management and representatives of Signal Capital Partners met the Communication Commissioner George Michaelides on Monday, confirming that safeguards were in place for the orderly operation of the company and the uninterrupted provision of services.
“The company continues to operate as normal without any change or impact on the services it offers to its subscribers, and with the support of Signal Capital Partners, its main financier,” said a statement by Signal Capital Partners on Tuesday.
“The active support by Signal Capital Partners is expected to bring renewed stability and growth opportunities for Primetel, ensuring seamless services for its customers.”
Commissioner Michaelides said: “We are very satisfied that Primetel continues its course on a solid basis with the support of a strong partner that ensures the company’s smooth operation and its services”.
On July 18, Primetel announced that Signal Capital Partners, a London-based private equity fund, was to acquire the Cypriot firm after it was placed under administration following failure to pay off a loan.
According to Primetel, Signal Capital Partners has funded the development of Primetel’s new mobile network and will continue to support the company’s operations and investment needs with confidence in its staff.
News of Primetel’s fate sounded the alarm for Cyprus football as the company holds exclusive television broadcasting rights for Cup holders Omonia Nicosia and topflight team AEK Larnaca until 2024.
Primetel is the third-largest licensed mobile operator in Cyprus.
According to data, during the fourth quarter of 2022, Primetel held a significant market share in fixed-line telephony (10.7%) and fixed broadband access (11.7%).
It has a 13.7% IPTV cable TV market share, third behind CyTA and Cablenet.
Its share in the mobile market reaches 10.6%.
Primetel says it’s Cyprus’s only alternative telecom operator with an independent islandwide, IP-based, fibre optic fixed network infrastructure.
With €2.5 bln in Assets under Management and 40 dedicated investment and operations professionals, Signal is a meaningful provider of financing solutions to the private markets.
