The European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) are to become shareholders in Banc Post, following conversion of two loans into shares for 8 million dollars each, banking sources said.
The operation will be approved at the General Assembly of Shareholders on October 25 and there will be limited first option rights for existing shareholders. Apart from the 16 million dollars from EBRD and IFC, existing shareholders will be able to buy stock up to a limit of 10 million dollars, depending on how many shares they own.
After the transaction is complete, the two international financial institutions will hold between 7.3% and 8% of Banc Post capital. On the other hand, EFG Eurobank will have to subscribe the entire amount it holds of the 10 million-dollar sum in order to retain the majority stake of 51%. If all shareholders choose to participate in the operation, the financial investment companies (SIFs), which currently hold stakes of 6%, will not be allowed to hold more than 5.2%.
Some months ago, EFG Eurobank, the majority stakeholder, raised its participation by 5.34% following a purchasing bid that was forwarded to employees, a transaction that amounted to almost 6.1 million euros.
The Greek shareholder offered a price of 7,000 ROL/share, almost four times higher than the share face value. As a result of the operation to raise share capital, the share price will reach the equivalent of $0.1261, over 4,200 ROL.
After the transaction between EFG and the employees was concluded, the majority stakeholder raised its participation in Banc Post to 58.59%. 30% of the bank's capital is controlled by the five SIFs, each them owning equal stakes of 6%. The other shareholders are GE Capital, with 8.75%, a stake over which EFG has first option rights if it is put up for sale, and the bank's pensioners and employees, with 2.66%.
EFG Eurobank Ergasias became the largest shareholder in Banc Post last July, when it took over a 17% stake from Banco Portugues de Investimento in a deal worth 23 million euros.
In 1998, EBRD and IFC, the investment arm of the World Bank, granted Banc Post two loans of 10 million dollars, of which only 8 million dollars of each loan can be converted into equity.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
