Marfin ready to buy more CPB shares

Marfin Vice-Chairman and Laiki Board member Andreas Vgenopoulos revealed that Marfin Financial Group purchased large amount of Laiki (CPB) shares from the floor on Wednesday when there was undue pressure and acted as a stabilizing force, which helped the stock recover.

Following false information cultivated in the market based on one part of SEC correspondence with Laiki/Marfin and wrong information regarding the intentions of the Central Bank (see separate article) and heavy selling tactics by one particular investor, the CPB shares initially dipped to CYP 3.25 at the open of business on the CSE.

“They tried to spread panic selling and at the start they were successful, because a number of investors sold at the day’s low. But because of our timely intervention as we purchased big number of shares, the CPB shares recovered to close at CYP 3.35 per share,” said Vgenopoulos.

“I wonder who is responsible for the panic and if they will be punished,” is how Vgenopoulos asked about the fate of small investors who lost money be selling at the day’s low.

Vgenopoulos also sent a strong message that “Marfin will defend the CPB share price, but we shall never buy when its going up. On the contrary, we shall be there when the share price comes under pressure due to dirty tricks played on the stock and by those spreading false rumours.”

A confident Vgenopoulos added that if the need arises, Marfin will continue to buy from the floor until it reaches the 19.99% permitted level stake in CPB as per Central Bank permission.