London-based private equity fund, Signal Capital Partners, is set to take over the Cypriot telecommunications company, Primetel following the company's placement under administration, according to local press. However, according to an announcement, Signal Capital Partners has been a key partner and main financier of Primetel for the past five years and is committed to actively supporting the company.
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Signal Capital Funding Cypriot Telco
The announcement said that in recent years, Signal Capital has provided funding for the development of Primetel's new next-generation mobile network, and this support will continue as they believe in the company's capabilities and its dedicated team.
"Primetel remains committed to its strategic objectives of continuous improvement, steady network investment, and the expansion of high-quality services for its subscribers."
Signal Capital Partners to Support Primetel
The active support by Signal Capital Partners is expected to bring renewed stability and growth opportunities for Primetel, ensuring seamless services for its customers.
On July 18, 2023, Primetel was put under administration as it had failed to repay a loan obtained from Signal Capital Partners.
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According to the official website, Primetel is Cyprus's only alternative telecom operator with an independent island-wide, IP-based, fibre optic fixed network infrastructure. Primetel owns and operates a regional network spanning Greece, Cyprus, Europe and Russia, providing city-to-city connectivity, data communications and IP-based services between key European and Middle East markets.
