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GreeceBusinessFairfax to become second largest shareholder in Mytilineos

Fairfax to become second largest shareholder in Mytilineos

Hellenic News of America
Hellenic News of Americahttps://www.hellenicnews.com
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Mytilineos SA and Fairfax Financial Holdings Limited, through its subsidiaries, are stepping up their relationship through the increase of the stake that Fairfax holds in the share capital of Mytilineos. More specifically, Fairfax agreed to increase its investment in Mytilineos by an additional amount of 50 millon euros, plus a potential for a further 50 million, in light of Mytilineos strong performance and outstanding growth prospects.

The parties have entered into an agreement for the sale and purchase of 2,702,703 of Mytilineos’ treasury shares, at a price of 18.5 euros per share for a total value of 50 million euros. As a result of this first phase of the agreement, the 2,702,703 shares are expected to be transferred to Fairfax on or before January 9, 2023. Upon completion of this share purchase, Fairfax will become the second largest shareholder in Mytilineos and will hold 6,688,047 shares, representing approximately 4.68% of the outstanding shares of Mytilineos.

Together with the transfer of the shares, the parties will also enter into an 50 million euros exchangeable bond whereby Fairfax will have a two (2) year option to acquire a further 2.5M of Mytilineos’ treasury shares at a price of 20 euros per share.

Fairfax’s Chairman and CEO, Mr. Prem Watsa made the following statement: “ We are thrilled to increase Fairfax’s investment in Mytilineos. The company has an excellent track record, and we look forward to working with Evangelos Mytilineos and his team in growing their business over the long-term.”

On his part, Mytilineos’ Chairman & CEO, Mr. Evangelos Mytilineos made the following statement: “ We welcome Fairfax as the 2nd largest shareholder in Mytilineos, proving an excellent relationship, developed since 2012 when Fairfax purchased its first shares of the company, and acknowledging the solid performance of Mytilneos over all these years. Our strategic goal is to focus on sustainable growth so we can return value to all our shareholders. With Fairfax by our side, I am confident that we will reach new highs in Mytilineos’ history.”

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SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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