PrimeTel plans IPO

Cypriot alternative telco PrimeTel is preparing to become a public company in anticipation of a flotation on the Cyprus Stock Exchange. Hermes Stephanou, Managing Director of the triple-play operator, said the final decision depends on the Electricity Authority of Cyprus (EAC), which holds an option to buy up to 40% of PrimeTel. PrimeTel is currently 93%-owned by domestic firm Teledev East, which has invested around CYP10 million (USD23 million) in the company. The main shareholders of Teledev East are Francoudi & Stephanou and Pericles Manglis Group, while smaller stakes are held by the Tseriotis family, the Cyprus Development Bank and Alco Products. The EAC’s option to take up to 40% of the company’s stock expires in 2008 and stipulates that PrimeTel should give six months notice to the EAC for the public utility to exercise the option if PrimeTel decides to seek a public listing. Teledev East also owns Cypriot ISP Thunderworx.