Eurobank has revealed its intention to gain full control of Hellenic Bank’s share capital and voting rights, while also sharing details about the company’s future operations, according to details included in the bank’s public offer document.
The public offer document grants Hellenic Bank shareholders the option to sell part or all of their shares under the same conditions as Eurobank’s recent purchase of 107,726,260 shares both independent institutional investors, as well as other independent shareholders.
Should the current public offer meet the conditions of Article 36 (1) of the Law, Eurobank plans to exercise its right to acquire 100 per cent of Hellenic Bank’s shares at an equal price and in the same form as the proposed consideration.
If this acquisition is successful, Eurobank intends to delist Hellenic Bank’s shares from the Cyprus Stock Exchange (CSE).
The Association of Large Investment Projects on Tuesday highlighted the untapped potential of golf tourism in Cyprus, referencing the efforts being made to remove barriers blocking the development of new golf courses on the island.
However, the association said that despite evident advantages and strategic plans laid out decades ago, progress has been slow.
“Golf tourism is a particularly profitable segment, with tourists spending over twice as much per day compared to the average visitor,” the association explained.
“This significant expenditure greatly bolsters our tourism offerings and contributes to extending the profitable season well into the winter months,” it added.
This piece of legislation, officially titled the ‘Law on the Establishment and Operation of Management Companies of Collective Investment Organisations and Related Matters of 2024’, was revisited by the House Finance Committee on Monday.
Following the committee’s meeting, it was announced that this piece of legislation would be next discussed in September after the end of the parliament’s summer recess.
It should be noted that the draft law aims to enhance sector services and improve capital management, despite some stakeholders’ reservations.
The event was a collaborative effort between the Deputy Ministry of Research, Innovation and Digital Policy, the non-profit technology association TechIsland, and the Digital Cooperation Organisation (DCO).
In her speech, Christodoulou highlighted the underrepresentation of women not just in the workforce generally, but more specifically in STEM (Science, Technology, Engineering, and Mathematics) careers.
She noted the projected 8 per cent increase in demand for these roles within the European Union by 2025, emphasising the necessity for gender-balanced participation.
“The participation of both women and men in STEM occupations is more than necessary,” she said, pointing to the societal stereotypes that hinder women’s progress.
She added that “the traditional, patriarchal stereotypes and prejudices that still prevail in our society”.
Retail trade in Cyprus saw an uptick in May 2024, with the turnover value index increasing by 4.5 per cent compared to the same month in the previous year, according to a report released this week from the Cyprus Statistical Service (Cystat).
In addition, during the same month, the volume index of retail trade recorded a 2.6 per cent year-on-year increase.
The first five months of 2024 also showed growth, with the value index rising by 5.3 per cent and the volume index by 4.2 per cent compared to the same period in 2023.
According to the data, the largest increases in the value index were recorded in the categories of food, beverages, and tobacco in specialised stores, which saw a 10.3 per cent rise in May 2024 compared to May 2023, and a 7.9 per cent rise for the January-May 2024 period.
“We are pleased to announce that the Cyprus Chamber of Commerce and Industry is exploring the possibility of establishing the Cyprus – Baltic States Business Association,” Keve said in an announcement.
It further explained that the initiative seeks to create new business opportunities, attract investments, and foster collaborations between Cyprus and the Baltic States.
The proposed association aims to bolster bilateral trade and facilitate networking and investment opportunities.
The outlook for Freedom Holding Corp.’s long-term rating is now stable, affirmed at “B-”. S&P highlighted improvements in risk management and compliance, as well as enhanced banking supervision in Kazakhstan.
The agency expects strong earnings for Freedom Holding Corp. in 2024–2025, supported by revenue diversification.
Potential rating upgrades depend on sustained improvements in risk governance and maintaining a RAC ratio above 10 per cent.
In 2023, the organisation managed to recycle or reuse 98.46 per cent of its waste, showing its commitment to sustainable development and minimising its impact on the environment, it said.
The Zero Waste to Landfill certificate was presented to Cyta President Maria Tsiakka, by General Manager of TUV Susanna Charalambidou in a ceremony last week, while at a separate event the organisation also received its eighth Green Offices certification from the state’s environment commissioner.
The Green Offices accreditation, managed by NGO CYMEPA, was awarded to 50 of Cyta’s staff buildings and customer service centres.
The Cyprus Stock Exchange (CSE) ended Tuesday, July 2 with profits.
The general Cyprus Stock Market Index was at 162.15 points at 12:37 during the day, reflecting an increase of 0.4 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 98.64 points, representing a rise of 0.4 per cent.
The total value of transactions came up to €116,937, until the aforementioned time during trading.
In terms of the sub-indexes, the main index rose by 0.53 per cent, the alternative index fell by 0.18 per cent, while the investment firm and hotel indexes remained stable.
The biggest investment interest was attracted by Hellenic Bank (+0.76 per cent), Lordos United Plastic (+0.79 per cent), the Bank of Cyprus (+1 per cent), Atlantic Insurance (no change), and Blue Island (-5 per cent).
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