25th Apr 2008 15:56
IRF European Fin Investments Ltd25 April 2008 IRF European Finance Investments Ltd 25 April 2008 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF acquires a stake in Marfin Investment Group ("MIG") IRF is pleased to announce that is has acquired 8,666,290 ordinary shares inMIG, an investment holding company listed on the Athens Stock Exchange, forapproximately EUR 40.9 million in cash. The consideration was funded entirelyfrom the Company's existing cash resources. The average purchase price per sharewas approximately EUR 4.72, representing a discount of approximately 8.9% to theEUR 5.18 closing price on 24 April 2008. These shares represent approximately1.04% of the issued share capital of MIG. This investment is in line with theCompany's investment strategy as approved by shareholders at the Company'srecent AGM on 31 March 2008. The Company believes that such investment shouldenable the Company to build value for IRF's shareholders. MIG invests in private equity, privatisations and infrastructure projects andprincipally operates in Greece, Cyprus and South East Europe. It has a marketcapitalisation of approximately EUR 4.32 billion; in the financial year ended 31December 2007, MIG had assets of EUR 6.87 billion and made a post tax profit ofEUR 330.4 million. For further information: IRF European Finance Investments Ltd Angeliki Frangou, Chairperson Tel: +30 (0) 210 428 0560 Numis Securities Limited Jagjit Mundi Tel: +44 20 7260 1000 Nick Westlake About IRF IRF was formed to invest in the financial services industry throughout Europe.IRF's current strategy is to seek investment opportunities in the financialsector in Europe with a primary focus in South East Europe financialinstitutions, investment funds and insurance companies. These investmentopportunities may include control or non-control positions in both public andprivate entities. IRF already owns a 20.6% interest in Proton Bank S.A. ('Proton'). Proton is afull service financial services institution, including retail and investmentbanking as well the provision of specialized corporate advisory and investmentservices. Proton is listed on the Athens Shares Exchange under the symbol'PRO'. For more information about Proton, please see www.proton.gr. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
IRF.L