Mena News - Cyprus: MFS Purchases Stake in Universal Life

Source: Middle East Insurance Review | Mar 2007

MFS Holdings Public Company (MFS) has acquired the 35.12% stake of Marfin Popular Bank in Universal Life Insurance Public Company (UL) at CYP3 ($6.73) per share in a contract valued at €24.1 million ($31.29 million). MFS was recently acquired by the Greek insurance group, Aspis, which is making a takeover bid for the composite insurer.

MFS had also proposed to purchase Bank of Cyprus’ (BOCY) 28% stake in UL for cash at CYP3.00 per share, that would amount to a total consideration of CYP11.3 million.

If it had been able to purchase the stake, then together with the 35% acquired from Marfin Popular Bank, it would have become the largest shareholder of UL and would also control Universal Bank, which is 62% controlled by UL.

BOCY has announced, however, that it had sold the stake to UL’s CEO, Mr Andreas Georghiou and main shareholder, the Photos Photiades Group.

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