Demetra Holdings shareholders have approved a resolution to sell the company’s shares in Hellenic Bank to Eurobank, according to an official statement released on Friday.

The statement, which was released after an extraordinary general meeting held on Thursday, mentioned that the total consideration to be paid by Eurobank S.A. is estimated at €426.5 million.

The meeting saw the attendance of seven shareholders, either in person or by proxy, representing 77,116,064 ordinary shares, which account for 38.56 per cent of the company’s total issued and paid-up share capital.

The shareholders unanimously approved the resolution to dispose of the company’s holdings in Hellenic Bank’s share capital.

The shares to be sold amount to 88,064,705, and the transaction will proceed at a price of €4.843 per share, resulting in the overall amount of €426.5 million.

Additionally, shareholders unanimously approved an amendment to Demetra Holdings’ articles of association to include a new regulation governing unclaimed dividends and other amounts.

The regulation specifies that if dividends or other amounts payable to shareholders are not claimed, redeemed, or collected within ten years of their due date, the entitlement of the beneficiary to the dividend or amount will automatically cease.

Additionally, the dividend or amount will no longer constitute an obligation of the company to the beneficiary.

Furthermore, the directors may invest or use the unclaimed amount at their discretion for the benefit of the company.

Finally, the company clarified that any payment or deposit of such amounts into a separate account does not establish a fiduciary duty on the part of the company.