Bank of Cyprus acquires Carpati from NMT

Bank of Cyprus Group has proceeded with the acquisition of 904.766 shares or 75,89% of the share capital of O.N.T. Carpati SA (O.N.T.) from New Marathon Group in order to pay off the outstanding obligations of the company owed to the Bank.

The acquisition price was agreed at 12,70 RON per share, (total amount 11.490.528 RON or CYP2 mln). The acquisition has been carried out at arm’s length. O.N.T. shares will be included in the Group’s Balance Sheet as an investment available for sale.

The Bank said that 869.149 out of  the 904.766 shares that have been acquired, were from  New Marathon Tours Public Company Ltd.  Bank of Cyprus intends to submit an offer for the acquisition of the 100% of O.N.T. share capital.

New Marathon Tours Public Co. Ltd meanwhile revealed the sale of 869.149 shares, or 72.9% of the share capital of O.N.T. Carpati SA (ONΤ), to the company Gosman Properties Ltd (company controlled by Bank of Cyprus).
O.N.T. is company registered at Romania. Its shares are traded on the parallel market of the Romania Stock Exchange. The issued share capital of the company amounts to 1.192.253 shares of nominal value 2.50 RON. The share’s trading price during the last working days was between 10.00 and 14.00 RON (CYP1.73 – CYP2.43 approx).
The selling price was 12.7 RON and as a result New Marathon Tours Public Co. Ltd received 11.038.192 RON approx. (today’s exchange rate between CYP and RON, CYP1.917,334). This amount will be used from New Marathon Tours Public Co. Ltd for settlement of debts.