Aspis brings Swedish holdings under Cyprus entity

Aspis Holdings Public Company Ltd announced the acquisition of 95% of the share capital of Aspis Liv Forsakrings AB and its subsidiary, Aspis Fastighets AB based in Sweden. Aspis Liv Forsakrings AB has Aspis Capital SA (85.5%) and Aspis AEGA (9.5%) as major shareholders, which belong to Pavlos Psomiades, Chairman of the Company’s Board of Directors.
The two companies are actively involved in the life, accident and disability insurance sector in Sweden, with total premiums of EUR18.3 million and net profits of EUR815,000 for the financial year ended 31/12/2006. The Companies have insurance reserves of EUR41.8 million and net capital of EUR7.0 million.
With this acquisition, the Company will increase its income from stable insurance activities, it will increase its profits from operations, it will not depend on Cyprus‘s insurance market and will gain significant experience and know-how from a more mature insurance market of Sweden and the Scandinavian countries.
The Board of Directors decided to proceed to the acquisition with the issue and allocation of new capital. The acquisition price stands at EUR6.15 million and will be paid with the issue and allocation to the seller of 8,075,000 shares of nominal value CYP0.40 (EUR0.69) each against CYP1,156 (EUR2.00) per share.
The Board of Directors decided unanimously to hold an Extraordinary General Meeting on 16/5/2007 and to increase the capital so as to cover the acquisition. The acquisition of Aspis Liv Forsakrings AB is subject to the EGM and the Swedish competent authorities approval.