HOUSE OF REPRESENTATIVES APPROVED THE AMENDMENT OF THE LAW FOR 5% VAT ON FIRST HOMES

The Bank of Cyprus announced on Monday the launch of a €30 million share buyback programme, a move previously signalled last week during the release of its preliminary 2024 financial results.

In a statement, the Bank of Cyprus Holdings Public Limited Company confirmed that the programme follows its February 18, 2025, announcement regarding a proposed cash dividend and intention to initiate a share buyback scheme for the financial year ending December 31, 2024. The initiative will see the repurchase of ordinary shares by the company, with the total amount reaching up to €30 million. The purpose of the buyback is to reduce the company’s share capital. According to the bank’s statement, shares acquired under the programme will be cancelled.

To facilitate the buyback, the bank has engaged Cyprus Investment and Securities Corporation Ltd (CISCO) as the lead manager. CISCO will execute transactions independently of the company under predetermined conditions. The share repurchase will take place on the Main Market of the Athens Exchange (ATHEX) and the Cyprus Stock Exchange (CSE). Following their acquisition, the shares will be cancelled. The programme, which begins on February 24, 2025, is expected to run until February 5, 2026. Its execution will depend on market conditions, the bank’s ongoing capital assessment, and standard early termination rights for transactions of this nature.

The European Central Bank (ECB) approved the programme on February 6, 2025, with the authorisation remaining valid until February 5, 2026.

It should be noted that the programme is being carried out in accordance with the company’s general authorisation to repurchase shares, which was approved by shareholders at the annual general meeting (AGM) on May 17, 2024. This authorisation permits the buyback of up to 44,619,993 shares, representing approximately 10 per cent of the company’s issued share capital, and is subject to renewal at the next AGM, scheduled for May 16, 2025.

Additionally, the programme has received approval from the European Central Bank (ECB) and complies with the European Union Market Abuse Regulation (EU) No. 596/2014 and Delegated Regulation (EU) No. 2016/1052, as well as the applicable laws and regulations of the Athens Exchange and the Cyprus Stock Exchange.

Source: Cyprus Mail