Cabinet decides allocation of 25% of its Co-operatives shares

The Council of Ministers decided on Wednesday to allocate free of charge 25% of the state shares in Co-operatives to depositors and consistent Co-operative borrowers.

In statements after the Cabinet meeting, Minister of Finance Harris Georgiades said that 350,000 persons will benefit from this decision.

The acceptance of the offer will depend on the beneficiaries. The minimum deposit or credit facility for the beneficiaries is set at 2,000 euro and the reference date is set for the 31st of March 2017.

The Minister described the decision as extremely significant since the Co-operatives are to a great extent brought back to the hands of the citizens, while it ensures access of the Cooperatives to a stock market.

He also said that no new share holder will have more than 0,005% of the shares.

Source: Cyprus News Agency