Cyprus Mail

Two more BoC subsidiaries sell shares ahead of LSE listing

General Insurance of Cyprus, Bank of Cyprus’s subsidiary operating in the area of non-life insurance, sold on Wednesday a total of 3,260,445 shares of its mother company at a price of €0.15 per share, the bank said.

The bank, which was commenting in a statement on the website of the Cyprus Stock Exchange, said that a day earlier the Bank of Cyprus Employees Provident Fund sold 644,748 shares at €0.151.

It is understood that the sale of shares by companies affiliated to Bank with Cyprus is related to the bank’s intention to pursue a listing at the London Stock Exchange which bans subsidiary companies from possessing share of the mother company.

On Wednesday, Bank of Cyprus said that five other subsidiaries, operating mainly in the area of real estate, sold a total of 1,445,499 shares at a price of €0.15.

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