Bank of Cyprus enacts €25 million share buyback

The Bank of Cyprus on Thursday announced new stock acquisitions, having obtained a number of ordinary shares worth €0.10 each from its appointed trader, the Cyprus Investment and Securities Corporation (CISCO), earlier this week.

Specifically, 26,132 shares were acquired on the London Stock Exchange (LSE) at an average purchase price of £3.27 and 10,800 shares on the Cyprus Stock Exchange (CSE) at an average purchase price of €3.74. The acquired shares will be cancelled.

The stock purchases resulted in a reduction of the bank’s share capital.

The Cyprus Stock Exchange announced that the issued share capital of the Bank of Cyprus, which amounted to €44,619,993.30 divided into 446,199,933 ordinary shares with a nominal value of €0.10, has been reduced to €44,618,051 divided into 446,180,510 ordinary shares with a nominal value of €0.10, based on the company’s decision due to the cancellation of 19,423 shares held by the company through the share buyback programme.

The aforementioned 19,423 ordinary shares were acquired as follows: 13,473 ordinary shares through the London Stock Exchange and 5,950 ordinary shares through the Cyprus Stock Exchange.

The company’s announcement dated April 22, 2024, is relevant to this change. This change will take effect from Friday, April 26, 2024.

It is noted that the stock purchases are part of the company’s intention for share buybacks with a total amount of up to €25 million, within the framework of the share buyback programme announced on April 19, 2024.

On Monday, the first share buyback transaction of the bank was announced. 5,950 shares were acquired on the Cyprus Stock Exchange at an average purchase price of €3.62 and 13,473 shares on the London Stock Exchange at an average purchase price of £3.19.

On Tuesday, a new transaction was announced with purchases of 6,000 shares on the Cyprus Stock Exchange, while on Wednesday, 19,373 shares were acquired on the LSE at an average purchase price of £3.24 and 11,600 shares on the CSE at an average purchase price of €3.71.