Aspis Holdings moves to Cyprus Main Market

— Promises EUR 50 mln more investments

 

Aspis Holdings Pcl (MFS) has secured CSE approval to shift from the Parallel Market to the Main Market effective as of today and with a market cap of around EUR 100 mln is set to rank among the top 12 companies listed on the Cyprus Stock Exchange.

During a presentation made to the CSE last week, Aspis Holdings Chairman Pavlos Psomiades revealed that the Aspis Group plans a further EUR 50 mln investments in Cyprus, with Aspis CEO Lambros Christophi telling the Financial Mirror that new acquisitions “will be announced soon”.

Aspis Holdings is a well diversified financial, insurance and property group with strategic investments in CSE-listed companies such as Liberty Life, Leda Investments and Lemeco-Silvex, as well as Options Cassoulides. It is also in the process of a share swap with Aspis Bank of Greece.

Aspis Holdings has forecast net profit climbing to EUR 25 mln for 2007 from EUR 1.7 mln in 2006, with total income surging to EUR 68 mln in 2007 from EUR 23.5 mln in 2006. About half of total income is forecast to originate from insurance activities. Total assets are forecast to reach EUR 270 mln, while the issued share capital of Aspis by the end of 2007 is seen at EUR 58.5 mln.