MPB: Finalization of acquisition of 64.3% of CTDC by its subsidiary Marfin Investment
6/6/2007 10:52
Marfin Popular Bank Public Co Ltd announces that Marfin Investment Group (MIG), in which the Company holds 97%, proceeds to the following announcement:
“Marfin Investment Group announces the finalization of the acquisition of the majority stake (64.3%) of Cyprus Tourist Development Company Ltd, owner of Hilton Cyprus Hotel in Nicosia, by its subsidiary, MIG Leisure Ltd. The acquisition price has been set at €58.5 million or €30.47 per share and will be paid in cash. The shareholders of MIG Leisure Ltd are Marfin Investment Group (65%) and Dubai Financial (35%). The sale and transfer of shares is subject to the Commission for the Protection of Competition approval”.
As it has already been announced, Marfin Popular Bank has informed the Board of Directors of MIG in relation to its intention not to exercise its participation rights in the increase in the share capital of MIG decided by the Annual General Meeting of MIG on 29.3.2007. As a result, in case of a full coverage of the above share capital increase of MIG, the percentage of Marfin Popular Bank Public Co ltd in the share capital of MIG will drop to 6.35%. As a result, MIG Leisure Ltd will cease to be a subsidiary of Marfin Popular Bank Public Co Ltd.
“Marfin Investment Group announces the finalization of the acquisition of the majority stake (64.3%) of Cyprus Tourist Development Company Ltd, owner of Hilton Cyprus Hotel in Nicosia, by its subsidiary, MIG Leisure Ltd. The acquisition price has been set at €58.5 million or €30.47 per share and will be paid in cash. The shareholders of MIG Leisure Ltd are Marfin Investment Group (65%) and Dubai Financial (35%). The sale and transfer of shares is subject to the Commission for the Protection of Competition approval”.
As it has already been announced, Marfin Popular Bank has informed the Board of Directors of MIG in relation to its intention not to exercise its participation rights in the increase in the share capital of MIG decided by the Annual General Meeting of MIG on 29.3.2007. As a result, in case of a full coverage of the above share capital increase of MIG, the percentage of Marfin Popular Bank Public Co ltd in the share capital of MIG will drop to 6.35%. As a result, MIG Leisure Ltd will cease to be a subsidiary of Marfin Popular Bank Public Co Ltd.
