News & Announcements
Atlantic: Deposits in BOCY and CPB – It holds 1.5m shares of BOCY
Atlantic Insurance Company Public Ltd, due to the recent serious developments with the decisions of the European Commission on the banking sector of Cyprus, would like to inform the investing public the following:
1) On March, 2013, the total bank deposits of the Group stood at €18,512,756.
Deposits of Atlantic Insurance
Cyprus Popular Bank: 116.14
Bank of Cyprus: €3.789.499
Deposits of the subsidiary Atlantic Securities Ltd
Cyprus Popular Bank: -
Bank of Cyprus: €211.314
The Management believes that the loss that will emerge from the above deposits will be small since according to the Central Bank decree dated March 29, 2013, all the deposits of the insurance companies are exempted from the consolidation measures of Cyprus Popular Bank and Bank of Cyprus.
2) The Group has 1.511.292 shares of Bank of Cyprus. The fair value of those shares on March 15, 2013 was €314.349. The Group does not have shares of Cyprus Popular Bank. In addition, the Group holds 38.320 capital securities of Bank of Cyprus.
The total value of the shares in the remaining listed companies of the CSE held by the Group on March 15, 2013 stood at €170.208.
3) The turnover of the subsidiary Atlantic Securities Ltd (KEPEY) has been affected significantly by the closing of the banks and the Cyprus Stock Exchange.
4) The recemt developments are expected to have negative impact on the country’s economy and will possibly increase the risk for bad debts. As a result, they will affect negatively the Group’s results but it cannot be predicted at the current stage.
Regulated
Filing Date: 03/04/2013 17:41
