PC Splash Water lists on Cyprus Stock Exchange

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1-2 more aim for Emerging Market

PC Splash Water Ltd, the vessel through which Pantelis Constantinou hopes to raise his stake in Pancyprian Bakeries from 28% to a controlling 51% by the end of the year, was listed on the Cyprus Stock Exchange on Monday.
“Mr Pokka”, as Constantinou is widely known from the distribution of the coffee drinks, listed 35 mln shares of PCSW in the Emerging Companies Market (NEA), where CSE officials hope more companies will follow.
“This is a sector that was created some 18 months ago and so far has a market cap of about 460 mln euros,” a senior CSE official told the Financial Mirror, adding that “there are one or two companies that have showed interest to list in this market. We are reviewing their dossiers.”
The CSE official admitted that the investor climate at the moment was not the most favourable, however, the fact that some 25 nominated advisors (NomAds) had registered with the CSE was an indication that the Cyprus bourse promised future opportunities.
PC Splash Water listed on the NEA Market with the aim of tapping fresh funds to help finance future projects. For the time being it is a retail products company distributing Pokka coffee, Snapple fruit drinks and Loux soft drinks, as well as the Papa John’s pizza chain.
Following Monday’s listing, Constantinou’s share in the company has been diluted to 84.65%, with Singapore-based Pokka Corp. holding 6.7%. Pancyprian Bakeries got 3.1% of the shares and 0.7% is held by Pissis Ltd. With an issued share capital of 35,051,833 shares at 1.20 euros each, the company’s capitalisation is estimated at 42.06 mln euros.
The initial public offering (IPO) consisted of 1,372,502 shares or 3.92% of the capital.
The company is expected to pay out a dividend to new shareholders for the 2010 financial year, while this year’s profits are expected to reach about 3 mln euros, maintaining the company on a steady dividend-paying policy.
Pantelis Constantinou is staying on as executive chairman, with the remaining members of the board including popular singer Michalis Hadjiyiannis, Christis Lottides, Constantinos Zenios and the CEO of Pokka Corporation (Singapore) PTE Ltd, Masahiro Hirata.