Marfin to buy Cyprus Hilton minority shareholders

The Investment Bank of Greece, a member of Marfin Popular Bank Group will offer the minority shareholders of the Cyprus Tourism Development Co. Ltd. (the owner of the Nicosia Hilton) the opportunity to exit out of their holding and sell their shares on the same terms at which the Louis Group earlier sold its shares.

CTDC Chairman Costakis Loizou described the offer to be made by the Investment Bank of Greece as “very generous and in the best interests of minority shareholders who are given a unique opportunity to exit out of their holding, if they so wish, and at the same price at which the Louis Group earlier sold its shares.”

Loizou said the gesture was made after the outgoing Board of CTDC asked the new majority owners to consider helping minority shareholders exit out, a “gesture which was accepted,.”

Louis Group Pcl (LUI) sold a 57% stake or 1.709.889 shares in the Cyprus Tourism Development Co. Ltd. (CTDC) to the Investment Bank of Greece at the price of CYP 17.61 (EUR 30.47) per share in cash for a deal consideration of CYP 30.11 mln (EUR 51.5 mln).

CTDC majority shareholder Clin Co. Ltd had also sold 7.3% of the capital of CTDC or 218.798 shares at the same price and on the same terms. Investment Bank of Greece representative on the Board Photis Karatzenis revealed that the offer letter will be sent in the next 2-3 days, allowing CTDC minority shareholders, holding about 15% of the capital to sell their shares at the price of CYP 17.61 in cash.

“The acceptance maturity will be mid-January and final payment end of January 2008,” said Karatzenis.