Telecom provider PrimeTel Cyprus sets IPO

By FNE Staff

    Cyprus telecom provider PrimeTel Cyprus will launch an Initial Public Offering on June 9. The company will offer 15.1 million shares and list on the Alternative Market of the Cyprus Stock Exchange.

    According to a May 28 report in the Cyprus Financial Mirror, the price share will be determined on June 5, not to exceed €0.38 per share, with the goal of raising €5.54 million. The company has plans to spend €7.7 million on cable upgrading and expansion.

    PrimeTel (www.prime-tel.com), which launched in Cyprus in January 2006, had 12,000 subscribers by the end of 2007, a 500% increase over its 2006 results. It had a 158% increase in turnover, at €14.2 million in 2007. The company also has operations in Greece, Russia, and the U.K.