Cabinet approves incentives for company acquisitions and mergers

15:43 - 24 August 2023

Economy Reporter

The Council of Ministers has approved an action plan with incentives for company acquisitions and mergers.

In statements after the 24 August meeting, Finance Minister, Makis Keravnos, said that the aim of the plan is to promote the development of small and medium-sized companies, which account for up to 93% of the total number of companies in Cyprus.

He noted that significant incentives are included in the scheme with the aim of boosting their growth.

Keravnos said the plan includes the comprehensive support of companies and a change of the acquisition and merger culture, adding that it also has to do with the modernisation of the legislative framework along with a reduction of bureaucracy. He added that it would also allow access to funding for company acquisitions and mergers in particular economic sectors.

He further announced that the Cabinet approved the extension of an electricity subsidy for vulnerable groups, for another month.

(Source: CNA)

Cabinet approves incentives for company acquisitions and mergers

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