Church investments “safe” for now

Following the election of Paphos Bishop Chrysostomos as Archbishop of Cyprus, the major investments of the Church in CSE listed titles will most likely remain stable. The combined stake of the Church including the share of autonomous entities such as the Kykko Monastry as well as the direct stake held by the Archbishopric in Hellenic Bank Pcl (HB) is 16%, in KEO Pcl 56% and in Vassiliko Cement Works Pcl (VCW) 33%.

Since the major reorganisation of the Boards of HB, KEO and VCW a year and half ago was made on the initiative of the new Archbishop, then it is most likely that no new changes will be forthcoming at the three firms which are now experiencing a major improvement/increase in their results.