Eurobank announced its intention to sell its 20% stake in Grivalia Properties, i. e. 20.25 mn shares at a minimum price of EUR 8.8 per share through an accelerated book-building process, capital.gr reports.
Fairfax and the Pacific Investment Management Company have both expressed in writing an interest to buy 10.0 mn and 5.065 mn shares, respectively.
Following the transaction, Fairfax will remain the main shareholder in Grivalia with a 41.5% stake, and if it acquires the additional 10.0 mn shares, its stake will rise to 51.4%.
The transaction with calculated proceeds of at least EUR 180 mn should have a positive impact on Eurobank΄s CET1 ratio. The sale of the remaining stake in a Grivalia is part of the bank΄s restructuring plan.
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Source: capital.gr
