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Savvides: Cyta Hellas is not for sale

19/01/2011 11:57
Cyta is in deliberations with telecommunication companies in Greece for the expansion of potential cooperation that will allow its subsidiary, Cyta Hellas, to boost its presence in the country but it is not for sale, Cyta CEO, Fotis Savvides told StockWatch on Wednesday.

Commenting on the report of newspaper Phileleftheros, according to which Cyta is in negotiation with Forthnet and Hol for the absorbance of Cyta Hellas, Mr. Savvides noted that Cyta is having contacts with other organizations too and the cooperation concerns several levels.

According to the newspaper, Cyta leaders had a meeting with close partners of Mr. Socrates Kokkalis in Nicosia yesterday to discuss the proposal for a merger of Cyta Hellas either with Forthnet (whose major shareholder is Dubai Group) or Hol (controlled by Greek businessman).

“Yes indeed. We had contacts with Mr. Kokkalis’ partners. The cooperation is on several levels and certainly does not concern either the sale of Cyta Hellas or its absorbance. Cyta will continue as it is in Greece”, Mr. Savvides told StockWatch.

Cyta Hellas is the vehicle of CYTA for the expansion of its activities to Greece.

In 2009, the Company suffered losses of €21 million but it hopes until 2012 to become profitable with the expansion of the existing customers’ list to 230 thousand persons.

It has a presence in Northern Greece and Crete and aims to expand its presence to Attica gradually.