Marfin Popular Bank Public Co Ltd announces that Marfin Investment Group (MIG), of which it currently holds approximately 97% of the share capital, has made the following announcement:
"Marfin Investment Group (MIG) announces the completion of the acquisition of the majority (64,3%) of the share capital of Cyprus Tourism Development Public Company Ltd (KETA), owner of the Hilton Cyprus Hotel in Nicosia, by its subsidiary, MIG Leisure Ltd. The acquisition price is Euro 58,5 million, or Euro 30,47 per share, and will be paid in cash. The shareholders in MIG Leisure Ltd are Marfin Investment Group (65%) and Dubai Financial (35%). Sale and transfer of the shares is subject to approval by the Cyprus Commission for the Protection of Competition".
As has already been announced publicly, Marfin Popular Bank has informed the Board of Directors of MIG of its intention not to exercise its rights of participation in the increase of MIG's share capital, decided by the Annual General Meeting of MIG on 29.03.2007. As a consequence, if the above increase of MIG's share capital is fully covered, the percentage stake of Marfin Popular Bank Public Co Ltd in MIG's share capital will be reduced to approximately 6,35%, with the result that MIG Leisure Ltd will cease to be a subsidiary of Marfin Popular Bank Public Co Ltd.