Aspis in rights issue to finance Aspis Bank deal

The Board of Directors of Aspis Holdings Pcl (ASP.CY) decided to propose to the Company’s EGM to be held on 30 May 2008 the issue and allocation of new shares in the form of rights. Each existing share will correspond to 1 right, whilst for every 4 rights each holder is entitled to buy one new share at the price of EUR1.50. The capital to be raised from the issue of rights will be used to fund for the Company’s shareholding (20%) in the share capital of Aspis Bank ATE (AB).
The Company’s Board has decided to proceed with the acquisition of 20% of the share
capital of Aspis Bankvia Commercial Value SA in cash. Aspis Holdings, which already holds 4,998% of the issued share capital of AB, will increase its stake to 24,998% with a future prospect of acquiring up to 30%.