UL agrees on USB sale to shipping group

Schoeller Holdings Ltd and Path Holdings Ltd have signed an agreement with Universal Life Insurance Pcl, to acquire 52% of Universal Bank’s issued share capital. The agreement will be finalised after the submission of a public offer document subject to the approval of the Central Bank of Cyprus and after a legal and financial due diligence examination is carried out.

UL and the German and Cypriot owned shipping groups had previously agreed that the price would be set based on the net book value of the bank, which would be in a range of 72 to 86 cent per share. According to the preliminary results, the Bank’s NAV stands at 70 cent per share.