The shares of Bank of Cyprus Holdings Public Limited Company commenced trading on the Main Market for listed securities of the London Stock Exchange (“LSE”) and trading on the Main Market of the Cyprus Stock Exchange (“CSE”) on Thursday.
According to an announcement, issued by the BoC, trading commenced on the CSE and the LSE at 10:30am (Cyprus time) and 8:00am (London time), respectively.
The announcement notes that the listing on the LSE is expected to improve the liquidity of the Group’s stock, which will enhance the Group’s visibility and lead to a broader base of investors capable of supporting the Group in the long-term. This will further enhance the confidence of all stakeholders in the Group.
This is another significant milestone in the execution of the Group’s strategy to become a stronger, safer and more focused institution capable of delivering appropriate shareholder returns over the medium term. It follows the Group’s successful return to the debt capital markets and the full repayment of Emergency Liquidity Assistance funding since the start of 2017.
The announcement adds that HSBC Bank plc acted as adviser to the London listing and Cyprus Investment and Securities Corporation Limited (“CISCO”) as the lead manager in relation to the listing in Cyprus. Sidley Austin acted as English and US legal advisers, and Chryssafinis & Polyviou LLC acted as Cypriot legal advisors, to the Group.
Chairman of BOC Holdings Dr. Josef Ackermann said that is a tremendous achievement. “We expect this listing, on one of the world’s leading international markets, to facilitate greater profile, liquidity and market access”.
He added that “the listing of BOC Holdings on the LSE enables us to fulfil a long-standing commitment to shareholders.” It also constitutes an additional major milestone in the transformation of the Group and its strategy to enhance its financial strength, he noted.
“We welcome the increased engagement with market participants and meeting the highest standards in corporate governance and transparency,” he added.
“The Group will act as a flag carrier for Cyprus on international markets raising the country’s profile as a destination for foreign investment. We are grateful to our shareholders for their overwhelming support for the London listing and look forward to their continued support, as well as to welcoming new shareholders to BOC Holdings,” he concluded
CNA/TKE/MM/2017
ENDS, CYPRUS NEWS AGENCY