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Asian Investors For Cyprus

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Article by: (Emmanuel Adeyanju) Published: 16/05/2012

Asian Investors For Cyprus

NICOSIA, Cyprus — An Asian investor is interested in buying around €500 million ($665 million) worth of Cypriot bonds, Cyprus’ finance minister said Friday, in a welcome development for a country keen to reverse its credit rating’s slide into junk territory.

Minister Kikis Kazamias said he would hold talks with the investor, who will travel to the island later Friday. Kazamias didn’t name the investor, but a Finance Ministry official speaking anonymously because of the sensitivity of the talks identified him as Reignwood Group Chairman Dr. Chanchai Ruayrungruang.

Kazamias said the investor is among many interested in investing in Cyprus.

Cyprus is counting on the discovery of a sizable quantity of gas off its southern coast to attract foreign investment. Officials estimate the find is enough to meet domestic energy needs for decades.

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