SFS buys Proton Bank stake in Interfund

…19.3% of Interfund now in SFS hands

 

SFS Group Pcl has purchased the 19.3% stake held by the Proton Bank SA of Greece in Interfund (INF) at a cost of EUR 15 mln, possibly heralding a future move on the company after it sold its stake in Athena Cyprus Investment to Hellenic Bank.

In a stock market announcement, Proton Bank SA confirmed the sale of its 19.3% stake in Interfund, or 32.213.408 shares at EUR 0.47 per share for a total amount of EUR 15.1 mln.

Proton is believed to have doubled its money on the Interfund investment considering that it has been a constant purchaser during the last 2-3 years, well before the CSE rally started.

SFS did not proceed with an official announcement stating its future plans for Interfund, but stock market sources confirmed to the Financial Mirror that the deal is related to efforts to find new asset management revenue sources from 2008 and onwards and not excluding a plan to increase the Group’s stake even higher.

Previously, SFS agreed to sell its 20% plus stake in Athena Cyprus Investments to Hellenic Bank at EUR 0.62 per share in a deal amounting to EUR 13.2 mln in cash, which will be completed by the end of May.

Interfund is one of the third largest fund in Cyprus behind Demetra and Elma and as at March 31, 2007 its net asset value (NAV) amounted to EUR 0.5049. According to Financial Mirror calculations, SFS has purchased its stake in INF at a 7% discount to NAV.