NKS stake in CTC at 84.93%

Following the completion of the public offer submitted by N.K. Shacolas (Holdings) Ltd (NKS) Public for control of the majority shares of Cyprus Trading Corporation Pcl (CTC), the acquirer, NKS announced that it now controls 84.93% of the share capital of CTC.

Following this development, CTC is most likely to apply to the CSE to shift category out of the Main Market to the Parallel market, as its free float remains well below the statutory level of 30%. The shift is expected to take place around 4Q08.