ANCIIAL MII ROR THII
holding a majority stake in UL and subsequently USB were unhappy that Georghiou said he would step down as bank chairman, but keep a board seat. The move is linked to the banks wanting to replace the present board and dispose of their 63% stake in the insurer to Dutch Eureko.
Bank of Cyprus kicked off the third quarter reporting period with a 214% surge in profits in the 9-month period, from a dismal 9-month figure in 2003 of only CYP 9.79 mln to 31 mln, continuing on the trend from the first half profits of CYP 16.22 mln.
Libra Holidays is close to finalizing a deal through which it will secure 100% control of private airline Helios Airways in a deal reportedly valued at below CYP 5 mln. Flush with money from insurer is about to proceed with an initial public offering of 1.58 mln shares to be subscribed to in parts of CYP 1.80 a share over the next two years, raising CYP 754,000 now and eventually rising to CYP 2.84 mln to finance expansion plans.
New Finance Minister and former senior civil servant Christodoulos Christodoulou initiated a first meeting with the leadership of the Pasydy public servants’ union, with industrial unrest expected to flare up next year as the main trade unions seek 3.5% wage hikes, unrelated to productivity rates.
Era Split Capital Investments is