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Cyprus News Agency: News in English (PM), 99-01-11

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Popular Bank Group - Insurance companies - Take-over

  • 1755:CYPPRESS:01

    [01] Popular Bank Group - Insurance companies - Take-over

    Nicosia, Jan 11 (CNA) -- Popular Bank Group, one of Cyprus' main banking institutions, today announced its 47-million Cyprus pounds take-over bid for three insurance companies (one Cyprus pound is trading at 2,0 US dollars).

    The bid will be made for Paneuropean Insurance Co Ltd and its two associated insurance companies, Interamerican and Philiki, currently controlled by the Shacolas Group of Companies.

    As the Shacolas Group has already agreed to the bid, the take-over will most likely be concluded.

    Speaking today at a joint press conference with Nicos Shacolas, Executive Chairman of the Shacolas Group of Companies to announce the bid, Popular Bank Group Executive Chairman Kikis Lazarides said the Popular Bank will pay 1,55 pounds per share and 55 cents per warrant for Paneuropean.

    For both Interamerican and Philiki, the price agreed is 1,30 pounds per share and 30 cents per warrant, he added.

    Lazarides pointed out that as a result of the take-over, the Popular Bank Group's market share will reach 30 per cent, securing a leading role for the Group in Cyprus in both life and general insurance.

    The acquisition will also allow the Group to expand its insurance activities in both Greece and the UK, he noted.

    On his part, Shacolas described the take-over as the largest commercial transaction in Cyprus and characterised the deal as satisfying for the shareholders of Paneuropean.

    As a result of the take-over bid, shares at the Cyprus Stock Exchange (CSE) today went up by 3,7 while shares in the insurance sector rose by a record 14,37 per cent.

    Today's volume of transactions reached 5,85 million pounds while last week's daily average was around 1,62 million.

    Meanwhile, the CSE today announced that in cooperation with the Financial Times International (FTSE) it will introduce a new share index this spring.

    According to a CSE statement, Chairman Dinos Papadopoulos said the new index, named FTSE/CySE, "will increase interest in the Stock Exchange", while Mark Makepeace, Director General of FTSE International, pointed out it will improve transparency in the CSE.

    CNA GG/MA/1999

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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