The seller is Kermia Ltd, a wholly owned BoC subsidiary, and the purchaser is Aesara Investment Ltd, a company controlled by Vasilis Nicolaides and Demetris Nicolaides, shareholders in Atlantica Leisure Group Ltd.
The transaction has resulted in a net profit after tax of approximately €2 million, BoC said, and a net capital benefit of approximately €18 million, as a result of the current capital treatment of the assets.
The Group’s Common Equity Tier 1 (CET1) ratio improved by 0.1 percentage points.
The sale is in line with the Group’s strategy of deleveraging through the disposal of non-core exposures and of focusing on core businesses, while at the same time, strengthening its capital position.
Source: Cyprus Mail