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  • Ilma Danielienė

Cyprus to privatise Stock Exchange by end-2022

The government of Cyprus announced plans to privatise the Cyprus Stock Exchange next year through the entry of a strategic investor. In addition, the government hinted at potential tax incentives to encourage companies to list on the Stock Exchange, as well as a new alternative listing for SMEs.


Nicosia, Cyprus: 23 June 2021



The Cyprus Ministry of Finance, in conjunction with the Board of the Cyprus Stock Exchange (CSE), has announced plans for three major policy initiatives over the next few months:


1. Partial privatisation will take place through the sale of some shares of the Stock Exchange to a strategic investor. This is intended to modernise and increase the reputation of the CSE as a source of listings for companies.


2. The potential provision of tax incentives to companies that list on the Cyprus Stock Exchange.


3. The development of a new market, or alternate listings, for small and medium-sized enterprises (SMEs).


An advisory company will be selected in two weeks as the advisor for the privatisation process according to the Board Chairman, Marinos Christodoulides.


The Cyprus Minister of Finance, Mr Constantinos Petrides added that for the finding of a strategic investor, “will be decisive in developing the stock market as an alternative and an additional form of finance for the economy and businesses alike”.


The Cyprus Stock Exchange has seen a shortage of listed companies and limited trading and low liquidity in recent years.


Regarding the supervisory requirements, Mr. Christodoulidis said that although this new market will be covered by the MIFiD 2 directive, it will nevertheless be less demanding compared to the regulated markets.


Sources


Ministry of Finance. 23 June 2021


StockWatch. 23 June 2021


Cyprus Stock Exchange


Business Gold Magazine. 23 June 2021


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