10 Apr Agreement between the Cyprus Stock Exchange and Harneys Loizou Armila Shearman Consortium
Agreement between the Cyprus Stock Exchange and Harneys Loizou Armila Shearman Consortium – as the consultant – for the privatization of the CSE.
The Council of the Cyprus Stock Exchange (CSE) announced on the 6th of April 2020 that it has signed an agreement with Harneys Loizou Armila Shearman Consortium, as the consultants assigned with the tasks to prepare a business plan for the Cyprus Stock Exchange, as well as to undertake the handling of all legal issues and actions required to select the most suitable strategic partner/ investor for the Cyprus Stock Exchange.
The Council of the Stock Exchange has concluded the above agreement following an open Tender Offer procedure and evaluating the resulting offers from the interested parties. The tender of the above Consortium was evaluated as the most economically advantageous, based on the best price-quality criteria, in accordance with the terms of the Tender Procedure. This effort is part of the broader strategic plan for the privatization of the Stock Exchange, following a relevant decision by the Council of Ministers.
The project, according to the terms of the Tender, is expected to be completed within 14 months from the signing of this agreement, with a maximum transitional period of 9 months.
The scope of the privatization of the CSE, is to select a strategic partner/ investor, which will be a reputable Stock Exchange providing added value to the CSE, so that the stock market in Cyprus can be further developed, contributing substantially to the further development of the enterprises and the economy. Through the implementation of this new development, it is expected that the Organization will acquire enhanced flexibility, know-how and adaptability to the changing conditions in the stock markets, taking advantage of new opportunities
Present at the signing of the Agreement was Louis Loizou, Partner of Loizou & Co, member of the Consortium.