ECONOMY

Piraeus postpones shareholders’ recap vote due to poor attendance

Piraeus Bank postponed a shareholder vote on its 7.3-billion-euro recapitalization plan to April 18 because not enough shareholders turned up to a meeting on Friday.

Piraeus is seeking their approval to raise up to 400 million euros through a private share placement and up to 6.94 billion euros from a rights issue to boost its capital base.

Friday’s meeting was attended by shareholders representing just 10.4 percent of the bank’s shares, far fewer than the 66.6 percent required to approve the plan.

Next week’s repeat assembly will require a smaller quorum of 50 percent.

[Reuters]