Nicosia, Cyprus. Cyprus has joined the second phase of the European Tech Champions Initiative, a European investment programme targeting €80 billion in funding for more than 1,500 fast-growing technology companies. Separately, the Pancyprian Cooperative Bank entered its capital raising phase and Lordos United Public Ltd announced an €8.16 million acquisition agreement.
European technology investment initiative
Cyprus and 20 other EU member states, including Greece, signed a declaration supporting the European Tech Champions Initiative 2.0.
The initiative was presented on Friday in Brussels, on the sidelines of the Economic and Financial Affairs Council meeting, by the European Investment Bank Group together with 21 EU member states, institutional investors and fund managers.
By signing the declaration, Cyprus reaffirmed its commitment to strengthening European innovation and expanding innovative companies’ access to growth capital.
Pancyprian Cooperative Bank share offering
The sale of shares to establish the Pancyprian Cooperative Bank will take place from July 22 to November 17, 2026, following approval of the public offering prospectus by the Cyprus Securities and Exchange Commission.
The offering marks the start of the initiative’s capital raising phase. It covers up to 42 million new shares, each with a nominal value of €1.00.
Interested investors may purchase shares through the Athlos Capital platform, with a minimum purchase requirement of 100 shares.
The announcement was made on Friday by Panikos Hambas, president of the committee of the Pancyprian Cooperative Society for Participation and Promotion of Cooperativism Ltd, at the company’s first official gathering in Nicosia following the prospectus approval.
The event was attended by members of parliament, political party representatives, government officials, local authority representatives, trade union representatives, cooperative sector figures and business executives.
Lordos United acquisition
Lordos United Public Ltd announced on Friday that it had signed an agreement to acquire a 51 per cent controlling stake in P&S Carton Industries Ltd for €8.16 million in cash.
The acquisition marks Lordos United’s entry into Cyprus’ corrugated packaging sector.