SPACs, Special Purpose Acquisition Companies, are shell companies that raise public funds through an IPO with the target to take a private company public through a merger. SPACs are formed by SPAC founders, who are providing the required pre-IPO sponsor funds to cover costs and expenses, typically in the range of USD 8 to 20 million, depending on the size of IPO. After the IPO, SPAC founders are holding 20% of a SPAC’s publicly listed shares.

For the past 60 years, Leptos Estates is undoubtedly the most well-known Property Developer in Cyprus. The completion of Limassol Del Mar, a truly one-of-a-kind development, is upon us!

The Cyprus Statistical Service (Cystat) announced on Monday that, according to preliminary data, the country’s trade deficit increased by 9.75% during the first eleven months of 2021.

Veteran politician Ioannis Kasoulides on Tuesday took over again the post of Foreign Minister after the resignation on Sunday of Nikos Christodoulides who is harbouring presidential ambitions.

The total amount of unsecured cheques issued in 2021 rose to €0.93 million compared with €0.74 in 2020. However, the total number of unsecured cheques dropped to 363 compared with 454 the year before.

When setting up a fund, Fund Managers know it takes time to come up with the initial concept, the investment strategy, the target market, the structure of the fund, the domicile and so on. Once these ideas are down on paper, the long registration process begins to obtain regulatory authorization and approval.

In a recent article published in the new year special edition of the Phileleftheros newspaper, prominent Cyprus business leaders were asked to comment on the year that was, and where they see the new year taking the Cyprus economy and business community. Managing Partner, Elias Neocleous expressed the view that whilst the consequences of the pandemic have been hard felt in Cyprus, given the level of government intervention both at an EU and local level, the consequences are manageable and will dissipate.

Minister of  Health Michael Hadjipantela said on Saturday that Deltacron, a new variant of COVID-19 found in Cyprus, was not something to worry about.

Vehicle registrations dipped by an annual 11.8% in 2021 to 34,716 from 39,367 the year before, and under 40% of saloon cars sold were new.