(Alliance News) - Irish Minister of Finance Paschal Donohoe on Thursday announced a further extension of Bank of Ireland Group PLC's share trading plan.
In June 2021, the Irish government first announced its intention to sell some of its stake in the bank, initially over the next six months from the announcement.
The Irish state owned around 150.4 million shares, reflecting just under a 14% stake, with the sales arranged by Citigroup Global Markets.
The Irish bank has already completed phase two of the trading plan, with shares being sold by the government at a price of EUR5.64 each, achieving EUR283 million in proceeds. This brought the total proceeds from the trading plan to EUR532 million.
The government's stake in the bank has now dropped to less than 5% from just under 14% in June. The further extension means that phase three will end no later than October 18.
"The share trading plan, which slowly sells our shares into the market, has enabled us to benefit from the gradual rise in Bank of Ireland's share price since last summer and I believe it is in our best interest to extend the plan for a further period," Donohoe said.
Shares in Bank of Ireland were up 1.8% at EUR5.72 on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bank Of Ireland (BIRG)