ECONOMY

Piraeus board sets new share price at 1 euro

Michalis Sallas, the president of Piraeus Bank, confirmed yesterday that the lender’s governing board had set the price of its new shares at 1 euro apiece in the context of the listed bank’s share capital increase, amounting to 807 million euros. ‘The governing board unequivocally approved the increase, aimed at strengthening the bank in the context of a tough economic conjunction, and at creating the appropriate conditions for making the most of the gradual rebound of the countries it is present in,’ stated Sallas, expressing his satisfaction with the strong support the increase received from the bank’s main shareholders. The new shares will be allocated to current owners at a ratio of 12 new for five old ones. A total of 807,054,045 new shares will be issued. The price of 1 euro per share amounts to a 43 percent discount to the closing price in the Athens Exchange yesterday (3.57 euros). Rights can be exercised until the end of January and the new shares will be traded as of mid-February.