ECONOMY

Citigroup Global Markets appointed as advisers for Cyta sell-off

Cyprus has appointed Citigroup Global Markets as advisers for the privatization of state telecoms firm Cyta, authorities said on Tuesday.

Privatization of the telecoms company, which holds a dominant position in the Cypriot market, is a condition of Cyprus’s 10-billion-euro bailout brokered in 2013 from the Eueropean Union and the International Monetary Fund.

Cyprus has also appointed divisions of PricewaterhouseCoopers as accounting advisers, a statement from the Privatization Commissioner’s office said.

[Reuters]