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Logicom buys Coop Bank stake

The state-owned Cyprus Cooperative Bank has sold part of its stake in investment firm Demetra Investment Plc Ltd, to software developer Logicom for €20.4m, it was announced on Thursday.

Logicom has acquired 37 million Demetra shares at a price of €0.55 per share, the company said in a statement on the website of the Cyprus Stock Exchange (CSE). As a result, Logicom’s stake in Demetra rose to 29.6 per cent from 11.1 per cent while that of the Coop was reduced to 1.1 per cent. Demetra’s stock closed at €0.50 on Thursday, after rising 6.8 per cent from the previous day and almost 12 per cent in a week, according to the CSE website.

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