Commercial Value seeks CSE listing

Commercial Value SA, the Greek insurer and member of the Aspis Group that recently secured a license to operate in Cyprus, is close to submitting its application to list on the Cyprus Stock Exchange.

Commercial Value, the only BB- rated from Fitch insurance company in Greece has given the mandate for the preparation of the prospectus to Sharelink Securities & Financial Services, which in turn is expected to complete the necessary work so that an official application is filed in the first quarter of 2008.

A spokesperson for Commercial Value SA told the Financial Mirror that the decision to list on the CSE was a pledge given by Group Chairman Pavlos Psomiades to CSE Council Chairman George Koufaris and CSE Director General Nondas Metaxas who are keen to attract new listings in order to boost the prospects of the CSE.

Earlier, Commercial Value SA announced its agreement to acquire the stake of Proton Bank in Proton Insurance Co. in Greece against EUR 17.8 mln representing 91.29% of Proton Insurance. The two sides have also agreed for a lucrative bancassurance deal.