Demetra decides to sell 21.3% Hellenic Bank stake to Eurobank
10:28 - 10 January 2025
The deal between Demetra Holdings and Eurobank for the sale of Demetra’s 21.33% stake in Hellenic Bank’s share capital to Eurobank has been finalised.
Demetra’s shareholders unanimously made the decision during an extraordinary general meeting on 9 January.
Following this development, Eurobank is set to acquire an additional 88,064,705 shares in Hellenic Bank, representing 21.33% of its share capital. It is noted that Eurobank currently holds 55.962% of Hellenic Bank’s share capital.
Demetra’s Announcement
According to the company’s announcement on the Cyprus Stock Exchange (CSE), seven shareholders, either in person or via proxy, attended the extraordinary general meeting, representing 77,116,064 ordinary shares or 38.56% of Demetra’s total issued and paid share capital.
During the extraordinary general meeting, the shareholders unanimously approved the following special resolutions:
- To approve and proceed with the disposal by the Company of its shareholding in Hellenic Bank Public Company Ltd, amounting to 88,064,705 shares, through the sale of these shares to Eurobank S.A. for a cash consideration of €4.843 per share.
- To amend the Company’s Articles of Association by inserting a new regulation immediately after regulation 139, as follows:
“1394. In the event that a dividend or any other amount becomes payable in relation to shares and the recipient fails to claim, redeem, or collect such amount within a period of ten (10) years from the date it became payable, the following shall apply:
(a) The recipient shall automatically lose any right to the dividend or amount.
(b) The dividend or amount shall automatically cease to be an obligation of the Company towards the recipient.
(c) The dividend or amount may be invested or otherwise used by the directors as they see fit, at their sole discretion, for the benefit of the Company.
It is understood that any payment or deposit of such dividend or amount into a separate account does not render the Company a trustee in relation to it."