The Cypriot government has approved legislation to privatise the incumbent telco CyTA.
At the same time, reports Cyprus Mail, it has secured CyTA employees’ rights and defined the powers of the state to intervene in the company for national security reasons, even after it is privatised, in the legislation.
There is nevertheless strong opposition to any potential sale of CyTA, both from opposition political parties and the telco’s employees, and it still has to be passed by parliament.
The legislation envisages initially the creation of a private corporation belonging to the state, with the aim of attracting a strategic investor at a later stage.
Cablenet, the sole cable operator in Cyprus, announced earlier this year that it had no plans to bid for CyTA should its privatisation go ahead.
