Insider Business Continuous share structure changes at Interfund

Continuous share structure changes at Interfund

Major shareholders at Interfund Investments are constantly changing with share transfers recorded on a daily basis over recent months.

In May 2018, 7Q Invest Ltd Multi Opportunities acquired 23.1% of Interfund’s shares from the Bank of Cyprus for 2.1 million euros but it was recently announced that it had disposed off these shares, possibly within the process of investing in Hellenic Bank’s shareholding structure.

However, other Interfund shareholders also sold their shares in the same period, that is cdb bank which controlled 9.82% and is now down to  1.95%, and Universal Life which controlled 6.51%.

It was later announced that the Interfund shares were acquired by Universal Pension Fund Saglasie (6.95%), Voluntary Pension Fund CCB – SILA (6.10%), Professional Pension Fund CCB – SILA (6.90%) and Universal Pension Fund CCB – SILA (6.90%). These are pension funds based in Bulgaria.

Another announcement a few days later said that Central Cooperative Bank Plc, a Bulgarian lender that maintains a branch in Cyprus, acquired 5.6 million shares which represents 9.9% of the share capital.

On the administrative level, Interfund announced on March 6 that board member Loizos Christou had resigned and that Dimeter Martinov Banov was proposed as the new director under the approval of the Cyprus Securities and Exchange Commission. Banov is an investment consultant.

At the same time, Interfund’s assets amounted to €10.4 million by end of 2017, while total profits amounted to €758 thousand against losses of €147 thousand by end of 2016. Interfund’s shares were admitted to the Cyprus Stock Exchange in 2000. It is an investment holding company that invests in shares of public and other companies, mutual funds and bonds.

7Q and Hellenic

Meanwhile, the percentage acquired in Hellenic Bank by 7Q through the exercise of preference rights amounts to 8.83%, as announced by CSE on Wednesday. Most of these preference rights were attributable to Third Point.

INSIDER has information that the remaining 1.16% comes from 7Q’s investment in Demetra Investments where it controls 5.6% of the share capital. Demetra now controls 18.42% of Hellenic.

 

Read more:

 

https://in-cyprus.com/hellenics-shareholding-structure-gets-new-player/

 

 

 

 

 

 

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