The reasons which led to the suspension in the trading of the above stock no longer exist, the CSE said in three separate statements on its website, a day after Hellenic Bank and the Cyprus Cooperative Bank signed an agreement transferring the state-owned bank’s operations to Hellenic.

In a separate statement, also on the website of the CSE, Demetra, currently owner of 10.1% of Hellenic’s stock and owned to 29.6% by software developer and information technology services provider Logicom, said that following Hellenic’s agreement with Bravo Strategies III, a fund affiliated with Pacific Investment Management Company LLC (PIMCO), it agreed with Hellenic to reduce its pledge to participate in the latter’s capital increase to €50m from €72.3m announced on June 22.

On Monday, Hellenic said that it agreed with Bravo Strategies III that it will participate in the bank’s €150m capital raise with up to €50m private placement.

The trading of Demetra and Logicom stock was suspended on June 18, more than a month after the suspension of that of Hellenic.

Following the resumption of trading, Hellenic’s share was traded at noon at €0.73 which is almost 20% higher compared to its May 17 closing. Logicom’s stock was traded at €1.44, which is 0.7% below opening while that of Demetra rose 7.4% to €0.49.

On Tuesday, the council of ministers, which on June 15 gave the go-ahead for the Hellenic and Co-op deal, approved a proposal submitted by the finance ministry for an asset protection scheme which will protect Hellenic Bank from future impairments, in accordance with a clause in the agreement, the Press and Information Office (PIO) said.

Source: Cyprus Mail