EFKA ponders participation in Attica Bank share capital increase
EFKA, the country’s main pension fund, is considering its participation in Attica Bank’s 197.97-million-euro share capital increase.
The Single Social Security Fund, which is the lender’s biggest stakeholder, controlling 50.63 percent of shares, is expected to decide next week on contributing 60 to 65 million euros. Such a participation in the process would trim EFKA’s stake close to 35 percent. However, some voices are calling for a greater contribution so as to cover most of its shareholder rights, before reducing its stake by selling shares to private investors at a later date.
It is estimated that a significant docking of EFKA’s stake at the moment would not make sense now that the country’s finances are improving, while the completion of the bailout program is likely to bolster investor sentiment.
Meanwhile the bank’s management has been in contact with strategic investors so that they can absorb a considerable part of the share capital increase, thereby increasing the privately held stake.
Social security funds have invested a total of 850 million euros in Attica Bank, losing some 90 percent of that in share value terms.
