Sea Star Cyprus sells Hellenic Seaways stake to Piraeus Bank

Sea Star Capital Plc (SEAS) announced the sale of 8.612.500 shares in Hellenic Seaways Maritime SA (HSW) to Piraeus Bank SA for EUR34.87 mln in cash, which corresponds to 11.096% of the issued share capital of HSW at the price of EUR4.05 per share.
After the conclusion of the deal, Sea Star’s stake in HSW is cut from 36.5% to 25.4%.
The proceeds from the sale will be used to reduce debt. Sea Star reported that the loss on the disposal of the shares in HSW is expected to reach EUR13.8mln, which will affect the financial performance of the Company in 2010, but the company will make annual savings of around EUR 1.5 mln by reducing its debt.