Nicosia, Cyprus. Petrolina (Holdings) Public Limited has decided to commence operations for five special purpose companies established to develop phases of the Land of Tomorrow project. Separately, Cyprus has awarded the management contract for government electronic payment services to VivaBank following a four-year tender process.
Land of Tomorrow companies
Petrolina announced on Tuesday that Land of Tomorrow – Residential Towers Ltd will involve a 21 per cent participation by Petrolina (Holdings) Public Limited.
Land of Tomorrow – Ecovillage Ltd will have a 35 per cent participation by the holding company.
Land of Tomorrow – Resort Ltd is wholly owned by Petrolina (Holdings) Public Limited, with a 100 per cent participation. Land of Tomorrow – Boutique Ltd is also wholly owned by the parent group, with a 100 per cent participation.
Government payment services
The contract for government electronic payment services was awarded to VivaBank after a lengthy series of legal challenges and appeals, according to a report by Philenews.
A decision by the Tenders Review Authority highlighted the extended procurement process and dismissed the latest legal challenge against the award.
Electronic payment system
JCC Payment Systems Ltd has managed the electronic payment service since 2010, enabling citizens and businesses to make online and card payments for a range of government services.
The transactions include payments of direct taxes and outstanding obligations to the state, vehicle licence renewals, social insurance contributions, traffic fines and other fixed penalties, and various government fees.
JCC has also been used to pay municipal charges, including sewerage fees, water supply bills and immovable property charges.