Piraeus ups stake in EURO

Piraeus Bank of Greece has purchased 6.6 mln unexercised rights of Euroinvestment & Finance Public Co. Ltd. (EURO) at 25 cent each for a total price consideration of CYP 1.66 mln or EUR 2.9 mln and in the process raised its stake in the company to 85.37%.

EURO announced that of the total 10 mln rights on offer, only 3.344.288 were exercised at the price of 25 cent each, allowing the company to raise CYP 836.072 from the issue. Every right is exchanged into 10c nominal value shares. The remaining 6.655.712 rights that were left unexercised were offered to Piraeus Bank, which agreed to buy them at the price of 25 cent each for a price consideration of CYP 1.663.928.

Following the rights issue, the issued share capital of EURO will increase from 3.603.779 shares to 13.603.778 shares of 10c nominal value.

The percentage holding of Piraeus Bank in EURO will increase from the pre-right stake of 46.15% to 85.37%. Included in the Piraeus stake is the 3.5% holding of Europrofit Capital held in the name of the Bank.