The Bank of Cyprus will certainly re-list on the Athens Stock Exchange (ASE) after a seven-year lack, adhering to the authorization of 2 resolutions by investors at an Extraordinary General Meeting on September 13, 2024. The action is anticipated to improve supply liquidity and raise the financial institution’s exposure amongst financiers.
Takis Arapoglou, Chairman of the Bank of Cyprus, highlighted that the substantial boost in the financial institution’s share cost over current years schedules not just to high rates of interest yet additionally to the financial institution’s effective change, solid efficiency, and enthusiastic objectives. The financial institution has actually additionally had the ability to award investors with rewards and a share buyback program, mirroring its strong annual report and lasting earnings.
Arapoglou kept in mind that while liquidity of the financial institution’s shares has actually enhanced slowly, it continues to be reduced, restricting financial investment base development. The re-listing on ASE intends to resolve this by improving the financial institution’s account and making it extra eye-catching to a wider team of financiers.
The delisting from the London Stock Exchange (LSE) and re-listing on ASE, which will certainly work on September 23, 2024, was sustained by virtually consentaneous investor authorization. The LSE delisting will certainly take place on September 18, 2024, while trading on the Cyprus Stock Exchange will certainly proceed customarily. The share buyback program will certainly additionally proceed with the Cyprus exchange.
Arapoglou stressed that this calculated action belongs to the financial institution’s wider initiatives to improve its financier allure and monetary account, structure on current efforts like the Investor Awareness Event kept in June 2023.
