Cabinet approves incentives for company acquisitions and mergers

The Council of Ministers on Thursday gave the green light to an action plan featuring incentives to encourage company acquisitions and mergers.

Finance Minister Makis Keravnos noted that the plan’s objective is to stimulate the growth of small and medium-sized enterprises, which constitute 93% of the total companies in Cyprus.

He underlined that the plan encompasses substantial incentives designed to propel their expansion. Keravnos specified that the plan involves comprehensive backing for companies and a transformation in the culture surrounding acquisitions and mergers. He also highlighted its association with the modernisation of the legislative framework and a reduction in bureaucratic processes. Additionally, he mentioned that it will facilitate access to funding for company acquisitions and mergers, particularly within specific economic sectors.

Furthermore, he revealed that the Cabinet sanctioned the extension of an electricity subsidy for vulnerable groups for an additional month.