Tosca sells Marfin shares to Fidelity

The Tosca Fund has sold 2.5 mln shares that it owned in Marfin Financial Group to Fidelity Fund at 42 euros per share, ahead of the private placement of Laiki Bank shares that Marfin will conduct before the end of the year.

The Fidelity deal is valued at EUR 105 mln with Greek stock market analysts saying that it was made by Tosca to reduce its stake in Marfin Popular Bank, since the UK based fund maintains a direct stake in Laiki Bank. The Tosca sale to Fidelity was arranged by Morgan Stanley.

Tosca had a 7.25% stake in Marfin FG and a further 9% of Laiki Bank. Marfin FG meanwhile has a direct 43% stake in Egnatia Bank and 15% in Laiki Bank. Ahead of the share issue by Laiki to absorb the two Greek banks, Marfin FG will have a total of about 110 mln Marfin Popular Bank shares that it will need to dispose.

Reports indicate that Dubai Fund, which is the largest shareholder in Marfin FG has agreed to buy 2-3% of the 110 mln placement, with other foreign funds having expressed to snap up the remaining balance. The Dubai Fund meanwhile has received permission from the Central Bank of Cyprus to lift its stake in Marfin Popular Bank to 19.9%.