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MIG acquires more MPB shares

16/11/2007 12:52
Marfin Investment Group increased its stake in Marfin Popular Bank. According to an announcement released today, MIG proceeded with the purchase of 1,505,174 MPB shares of total value €15,163,573.38.

On October 12, MIG announced that it acquired 5.02% of the share capital of MPB. According to the announcement, “its decision reflects the Management’s view for the favourable growth prospects of MPB in the wider area of SE Europe”. MIG expects that its investment will contribute 25% per annum and will be compatible with the IRR of 25%.

On November 5, MIG gave 39.5 million shares of Marfin Popular Bank as a guarantee for a loan that it raised. A Marfin representative had told StockWatch that as soon as the loan is paid off, the MPB shares will be returned to MIG.

Since November 9, MIG acquired gradually 2,439,267 MPB shares. MIG aims to acquire up to 10% of the bank’s share capital.