According to an official announcement released this week, the public offer concluded on March 6, 2025, with the total acceptance rate reaching 51.49 per cent of the company’s issued share capital, equivalent to 1,848,764 shares.
In accordance with Article 38 of the Public Takeover Bids Law of 2007 (N.41(I)/2007), as amended, Chainrai confirmed that the acceptance period for his bid to acquire up to 100 per cent of the issued share capital of the company ended on March 6, 2025, and was deemed successful under Article 10(1) of the law.
The committee discussed on Monday whether to exempt the state-owned asset management company Kedipes from this requirement, aiming to streamline processes and align with governmental procedures.
The Finance Ministry highlighted that the proposed regulation would enhance the approval rate of plan applications.
“Responsibilities on the property owner, both administrative and potentially criminal, if there is no certificate of final approval,” it stated.
“If the government is a landlord, it is not required to have certificates of approval,” the ministry added.
“This is another important international accolade for the Bank of Cyprus, which is a clear proof of its continuous development, investment in innovation and consistently reliable customer service,” the bank said in a statement.
“This honour follows the significant upgrade in the provision of digital services through the new BoC service — eFX Convert — which is a very important milestone in the bank’s journey towards digital innovation and customer service in the field of foreign exchange transactions,” it added.
The project focuses on integrating work-life balance solutions and gender-equal workplace policies.
The event will take place on Thursday, March 20, 2025, from 15:00 to 17:30 at the chamber’s headquarters in Nicosia.
It will bring together employers, managers, HR professionals, representatives of labour market authorities, social partners, policymakers, and other relevant stakeholders.
The discussion will explore how work-life balance solutions and gender-equal workplace policies can enhance organisational performance.
The association explained that that this challenge, combined with the generally low availability of housing units, demands immediate resolution.
According to the association, a “critical concern is maintaining Cyprus’ appeal as a destination for corporate headquarters, which necessitates prioritising housing for employees of large companies”.
It said that “the current housing shortage has become a major deterrent to relocating corporate headquarters to Cyprus”.
“The benefits of headquarters are undeniable,” the association stated.
The event featured key figures from the tax and financial sectors, who emphasised the importance of a modernised and efficient tax framework.
Kyriakos Iordanou, general manager of the Institute of Certified Public Accountants of Cyprus (Selk), stressed that, after years of anticipation, there is now a concrete plan for tax reform.
“This plan serves as the starting point for a constructive dialogue among stakeholders,” he said.
He underscored the pivotal role of taxation in economic stability, particularly in times of uncertainty.
Specifically, the company announced that it achieved a 27 per cent rise in sales in its Cyprus stores compared to the same month last year.
This growth is part of a broader trend that saw sales for the first two months of the year climb by 16 per cent compared to the previous year in Cyprus.
The commission’s presentation focused on legislative and technological developments shaping the capital markets in 2025.
The commission highlighted increasing institutional and regulatory requirements, digital transformation, and sustainable investing as critical factors affecting securities markets and investment funds both in Cyprus and across Europe.
Protecting investors and fostering a healthy market remain central to CySEC’s mission, with efforts directed at strengthening market stability and confidence in the financial services sector.
The bank explained that this is in response to the latest interest rate cut by ECB, which cut its three key interest rates by 25 basis points, marking a shift in its monetary policy stance.
“The ongoing ECB rate reductions have also affected loan interest rates linked to interbank Euribor rates, benefiting more than 6,000 borrowers,” the bank stated.
“Furthermore, it is worth noting that Hellenic Bank recently lowered its base rate by 0.16 per cent, bringing it to 1.75 per cent,” it added.
“This reduction”, the bank explained, “has a positive impact on over 90,000 borrowers, both individuals and businesses, helping them better manage their borrowing costs.”
The Cyprus Stock Exchange (CSE) registered a minimal downtrend on Tuesday.
As of 13:00, the General Index stood at 228.60 points, marking a decline of 0.11 per cent. Concurrently, the FTSE/CySE 20 Index decreased by 0.31 per cent to 138.36 points.
The trading volume for the day reached €177,323.67.
In terms of specific market sectors, the main market index fell by 0.32 per cent, and the investment index experienced a significant reduction of 1.15 per cent.
The alternative market index increased by 0.47 per cent, while the hotel index remained stable with no changes.
Noteworthy trading volumes were seen in shares of Hellenic Bank, totaling €87,769.10, down by 0.21 per cent. Dimitra Investment shares also saw a notable decrease of 1.27 per cent, amounting to €48,663.29.
Conversely, shares of Logicom and Woolworth (Cyprus) Properties PLC recorded increases of 0.54 per cent and 19.47 per cent with trading volumes of €7,440.00 and €2,803.32, respectively.
Bank of Cyprus shares remained steady, with no change in their volume of €26,020.40.
Overall, the market dynamics showed 3 stocks advancing, 8 declining, and 3 remaining unchanged from a total of 75 trades executed.
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