Cyta denies rumours of Greek sell-off

19 May 2016

Cyprus Telecommunications Authority (Cyta) has denied reports that it is looking to sell off its Greek division Cyta Hellas. A press release stated: ‘Cyta Hellas adds strength to the overall value of Cyta group and is an investment with strategic features in the Greek telecommunications market.’ It went on to add that ‘there is no suggestion of interest in Cyta Hellas and no procedure [has been] carried out’. The group says it is already working on a new five-year business plan for Cyta Hellas and is preparing to launch a number of new services, though it did not give further details.

As reported by CommsUpdate last month, rumours had circulated saying that Cyta was looking to offload its Greek unit, with Athens-based fixed and mobile operator Wind Hellas linked as a potential buyer. Online news portal In-Cyprus reported that the management of state-owned Cyta was keen to sell the Greek broadband provider and MVNO, which has been dragging down the parent company’s financial results.

Greece, Cyprus Telecommunications Authority (Cyta), Cyta Hellas