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CPB completes sale of 21.4 million of BOCH shares

12/05/2017 12:05
The Cyprus Popular Bank special administrator announced yesterday that it has successfully completed the sale of 21,467,720 ordinary shares of Bank of Cyprus Holdings (BOCH), representing approximately 4.8% of BOCH`s share capital.

The proceeds from the Transaction amounted to approximately EUR65m with the Sale Shares being sold at €3.05 per share, the admnistrator said.

As a result, the CPB`s shareholding of BOCH declined by 50% to 4.8% of the bank`s 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.