2 Jun 2008 07:00
IRF European Finance Investments Ltd.
2 June 2008
IRF European Finance Investments Ltd. ('IRF' or the 'Company')
IRF increases its stake in Marfin Investment Group ('MIG')
IRF is pleased to announce that it has acquired a further 6.99 million ordinary shares in MIG, an investment holding company listed on the Athens Stock Exchange, for approximately EUR 41.7 million in cash. The consideration was funded entirely from the Company's existing resources. IRF now holds 46,737,892 ordinary shares in MIG which represent approximately 6.26% of the issued share capital of MIG.
These investments are in line with the Company's investment strategy as approved by shareholders at the Company's recent AGM on 31 March 2008. The Company believes that such investments should enable the Company to build value for its shareholders.
MIG invests in private equity, privatisations and infrastructure projects and principally operates in Greece, Cyprus and South East Europe. It has a market capitalisation of approximately EUR 4.92 billion; in the financial year ended 31 December 2007, MIG had assets of EUR 6.87 billion and made a post tax profit of EUR 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 financial sector in Europe with a primary focus in South East Europe financial institutions, investment funds and insurance companies. These investment opportunities may include control or non-control positions in both public and private entities.
IRF already owns a 20.6% interest in Proton Bank S.A. ('Proton'). Proton is a full service financial services institution, including retail and investment banking as well the provision of specialized corporate advisory and investment services. Proton is listed on the Athens Shares Exchange under the symbol 'PRO'. For more information about Proton, please see www.proton.gr.