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The Laiki Bank ex-rights shares adjustment dragged the CSE lower with the company denying that there was a 3-way merger in the making with Marfin and Egnatia, while Vassiliko Cement announced it was to produce 40% of its energy needs from waste, according to the issue 664, on March 29, 2006.
Laiki officials denied that a 3-way merger was in the making with Marfin and Egnatia, after Andreas Vgenopoulos’ investment arm controlled 9% of Laiki and acquired 34% of Egnatia.
The bank’s General Manager Michalis Louis referred to similar comments by Chairman Kikis Lazarides and Deputy Chairman Vgenopoulos. This followed concerns that the stock was under pressure and had lost 9% so far when a 23cent adjustment of the shares that trade ex-rights forced the CSE lower. The Bank of Cyprus stock was also under pressure, shedding some 1.5% in Cyprus and in Athens.
Vassiliko Cement Works intensified its efforts to modernise and cut costs saying it would produce up to 40% of its energy needs from locally processed recycled waste, following the favourable trend in production and exports as sales were up 15% to CYP 45.8 mln.
The Cyprus, Thessaloniki and Athens bourses have won a European Commission tender to develop the Egyptian Capital Markets Authority (CMA), according to CSE General Manager Nondas Metaxas. The project will provide support on capacity building, procedures, accreditation and legal advice.
The Green Dot non-profit set up by the Chamber of Commerce (KEVE) and other commercial companies, is ready to start packaging waste as its membership of communities and corporate stakeholders has reached 110, according to its General Manager Kyriakos Paropounas. And distributor established by Takis Photiades, was celebrating 50 years of Valio dairy products in Cyprus, including the trademark Penguin cheese.
CSE in Egypt: