Aspis exits out of USB with huge profit

Aspis Holdings (MFS) and Commercial Value SA, a member of Aspis Group in Greece have substantially reduced their stake in Universal Bank (USB), realizing and booking a substantial profit of EUR 3.5 mln in the process.

A year ago in August 2006, Aspis first offered to acquire majority control of USB at EUR 1.56 per share, which was subsequently increased to EUR 3.50 giving it 24% of the share capital of the Bank, after its arch-rival, the CEO of Universal Life Andreas Georghiou decided to sell UL’s controlling stake in the Bank to Limassol based shipping companies Schoeller and Path Holdings.

In block trades carried out on the CSE, Aspis and Commercial Value sold most of their shares in USB at levels above EUR 3.80 and are now left with a 4.05% stake (Aspis SA 1.46%, Commercial Value SA 2.59%), which according to Aspis CEO Lambros Christophi will be disposed in due time.

Schoeller and Path Holdings each control 25.49% of USB’s capital, UL controls 9.99%, Intership Navigation holds 9.6% while Pavlos Savvides holds 6.6%.