Demetra shares surge 45%

Demetra Investment Public Co. (DEM) has seen its share price surge more than 45% during the first four months of the year, very close to the 50% plus rally for the CSE GENX.

Trading at around 32.5 cent per share, Demetra’s stock is still trailing its Net Asset Value (NAV), with the discount at around 40% considering that at the end of the first quarter, the NAV was trading at 55.43 cent per share.

According to stock market filings, Demetra’s NAV improved by 13.87% to 55.43 cent from 48.68 cent per share as at 30 December 2005, while its total market cap is CYP 63 mln.

Of the total assets of CYP 110.94 mln as at end of March 2006, 31.9% are invested in local banking stocks and 35% are held in cash and cash equivalents amounting to CYP 38.8 mln.

The largest holding is BOC titles, worth CYP 21.2 mln, followed by Laiki titles worth CYP 11.15, government bonds CYP 3.93 mln, HB shares CYP 3.01 mln and a CYP 3 mln stake in Cybarco-Amathus Coastal property venture. Other significant holdings include CYP 2.86 mln in SFS titles, CYP 2.5 mln in Libra titles, CYP 1.55 mln loan to Demetra Overseas, with property investments in Romania and CYP 1.49 mln in A&P Paraskevaides shares.