articles | 30 April 2015

Bank of Cyprus announces the disposal of its investment in MDSF

The Bank of Cyprus announced recently the disposal of its investment in Marfin Diversified Strategy Fund Plc (MDSF), comprising 1.142.052,6400 Founder Shares and 765.096,0464 US Dollar A Shares (95% of MDSF issued share capital) to Dorchester Capital Secondaries Offshore III, LP.

According to the announcement, the sale consideration is $92 million (approx. €84 million), with the sale enhancing the Bank’s liquidity and capital position.

“Due to the disposal, there is a positive impact of approximately 0,1 percentage points on the Group’s Common Equity Tier 1 capital ratio due to the reduction of risk weighted assets. The accounting gain is approximately €10 million and represents the recycling of the related foreign currency reserves into the income statement”, says the lender.

Source: CNA

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