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28 May, 2024
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Telecom giant Primetel faces administration

A market shake-up looms

Maria Eracleous

Maria Eracleous

In a recent development, Primetel, a prominent telecommunications company, has entered administration. The company officially informed the Office of Electronic Communications and Postal Services about this significant change in its status.

Commissioner of Electronic Communications and Postal Services, George Michaelides, addressed the situation, stating that they are closely examining the impact on the company's operations. Additionally, efforts are underway to protect the interests of consumers. He emphasized that the company's administration does not necessarily indicate its closure. Nevertheless, authorities are diligently working to ensure that consumers will have immediate access to services from an alternative provider if such a scenario arises.

Despite the current uncertainty, there is speculation that another telecommunications provider may take over Primetel. The market has witnessed the company's recent efforts to fill vacancies, with six job openings listed, including the position of Corporate Sales Consultant.

Market Watch reports reveal that Primetel held a 10.7% market share in fixed telephony during the fourth quarter of 2022. It ranked third, following Cyta with 54.3% and Cablenet with 27%. The company's market share in fixed broadband access was at the same level. Furthermore, Primetel held a market share of 9% for mobile contract subscribers, as of December 2022, and 9.6% for mobile broadband access.

In response to the above revelation from "K" regarding recent developments at Primetel, the company has issued a statement to shed light on its current situation.

The statement reads:

Signal Capital, a London-based private equity fund, has been a significant partner and primary financier of Primetel for the past 5 years, and they express their unwavering commitment to actively support Primetel.

As stated by Primetel, Signal has been instrumental in funding the development of Primetel's state-of-the-art, next-generation mobile network over the past few years. Signal's support will continue as they believe in the potential of the company and its talented staff, providing the necessary financial backing for the company's operations and investments.

Primetel emphasizes its dedication to pursuing a strategic commitment to continuous and steady evolution, making consistent investments in its network. Moreover, the company aims to excel in exploring and providing top-notch quality services to offer its subscribers the best possible experience.

[This article was translated from its Greek original]

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