Alternative financing options for SMEs and start-ups in Cyprus, including stock exchange listing, are being highlighted by the Cyprus Chamber of Commerce and Industry on March 13, 2024, to aid in capital raising. Additionally, the National Betting Authority’s recent financial insights revealed that the Limassol casino has generated €421 million in revenue for the government.
What financing options are available for SMEs and start-ups in Cyprus?
Alternative financing options for SMEs and start-ups in Cyprus include stock exchange listing. This method is being promoted by the Cyprus Chamber of Commerce and Industry as a viable solution for capital raising, offering potential benefits and a structured fundraising process. An informational event on March 13, 2024, will detail these options.
Empowering SMEs and Start-Ups
Small and Medium-sized Enterprises (SMEs) and start-ups are the backbone of the economy, but they often face obstacles when trying to expand their operations. One of the most significant challenges is accessing finance, which is crucial for growth and development. Recognizing this issue, the Cyprus Chamber of Commerce and Industry (Keve) has joined forces with the Cyprus Stock Exchange and received support from the Enterprise Europe Network Cyprus. Together, they are orchestrating an information event aimed at enlightening business owners about alternative financing options.
Scheduled for March 13, 2024, at 15:00, the event is set to unfold at the Cyprus Chamber of Commerce premises on Deligiorgi Street in Nicosia. The main agenda is introducing the concept of listing on the stock exchange to SMEs and start-ups. The goal is to explore how the stock exchange can be a viable solution for capital raising, outlining the anticipated benefits, the obligations, as well as the intricacies of the fundraising process.
A Spotlight on Finance Options
The limited availability of funds poses a critical impediment to the growth of SMEs. This event is a golden opportunity for entrepreneurs to learn about stock exchange listing as an alternative funding stream. It will provide them with a thorough understanding of the potential advantages and the detailed process involved. The Cyprus Chamber of Commerce and Industry is set to offer this event in Greek, and it’s open to all interested parties, although space is limited and available on a first-come, first-served basis. Attendees are required to register by March 11, 2024, ensuring their participation in this informative session.
National Betting Authority’s Financial Insights
In related financial news, Christos Mavrellis, President of the National Betting Authority and the Cyprus Casino Supervision Authority, recently disclosed financial details concerning the state’s revenue from the casino operations in Limassol. Since its inception, the casino has generated approximately €421 million in revenue. Out of this, the government has received a substantial sum in taxes and annual licensing fees, amounting to around €90 million.
While addressing the profitability of the casino, Mavrellis pointed out that despite not being “very profitable” thus far, the casino has shown promising initial results. The conflict in Israel posed challenges, affecting the casino’s performance, but there has been an uptick in visitation from Israeli guests in recent weeks.
Cyprus Stock Exchange Daily Update
Turning to the stock market, the Cyprus Stock Exchange (CSE) witnessed a downturn on Monday, February 26, with the general Cyprus Stock Market Index standing at 141.32 points, reflecting a slight decrease of 0.2 per cent from the previous trading day. Specifically, the FTSE/CySE 20 Index saw a drop of 0.21 per cent, with the total transaction value reaching €120,458. While the main and investment firm indexes experienced declines, the alternative index marginally rose, and the hotel index remained stable. Notable movements were seen in stocks such as the Bank of Cyprus and the Cyprus Cement Company.
What financing options are available for SMEs and start-ups in Cyprus?
Alternative financing options for SMEs and start-ups in Cyprus include stock exchange listing. This method is being promoted by the Cyprus Chamber of Commerce and Industry as a viable solution for capital raising, offering potential benefits and a structured fundraising process. An informational event on March 13, 2024, will detail these options.
When and where is the informational event on alternative financing options for SMEs and start-ups taking place?
The informational event on alternative financing options for SMEs and start-ups is scheduled for March 13, 2024, at 15:00. The event will be held at the Cyprus Chamber of Commerce premises on Deligiorgi Street in Nicosia. Interested parties are required to register by March 11, 2024, to secure their spot at the event.
What financial insights were recently revealed by the National Betting Authority regarding the Limassol casino in Cyprus?
The National Betting Authority disclosed that the Limassol casino has generated approximately €421 million in revenue for the government. Despite facing challenges, such as the conflict in Israel affecting visitation rates, the casino has shown promising initial results. The government has received around €90 million in taxes and annual licensing fees from the casino operations.
What was the recent performance of the Cyprus Stock Exchange (CSE) and its various indexes?
On Monday, February 26, the Cyprus Stock Exchange experienced a slight downturn, with the general Cyprus Stock Market Index standing at 141.32 points, reflecting a decrease of 0.2 per cent from the previous trading day. The FTSE/CySE 20 Index saw a drop of 0.21 per cent, with the total transaction value reaching €120,458. Notable movements were observed in stocks such as the Bank of Cyprus and the Cyprus Cement Company.
