The Cyprus Popular Bank special administrator announced today that it has successfully completed the sale of 21,467,720 ordinary shares of Bank of Cyprus Holdings (BOCH), representing approximately 4.8% of BOCHs share capital.
The proceeds from the Transaction amounted to approximately EUR65m with the Sale Shares being sold at Euros 3.05 per share, the admnistrator said.
As a result, the CPBs shareholding of BOCH declined by 50% to 4.8% of the banks share capital.
Deutsche Bank AG, London Branch and HSBC Bank plc were assigned as global coordinators for the sale, the administrator added.
Concerning the remainder of its shareholding, CPB said it has undertaken that, without the prior written consent of the Global Coordinators and subject to certain customary exceptions, they will not dispose of any further existing ordinary shares of BOCH for a period of 180 days following completion of the sale.
Source: Cyprus News Agency