Bids for the Credia Bank share capital increase (SCI) have reached €660 million, with the target bar now set at €900 million. It is recalled that the bank plans to raise €300 million at a price of €0.80 per share. Specifically, Credia Bank announced that it has already received investor orders for the acquisition of new shares exceeding the required capital increase amount of €300 million.
The capital increase began with the participation of strategic investors, shipowners, and funds, aiming to strengthen its capital base, broaden its shareholder structure, and increase free float. The share capital increase is conducted without preemptive rights for existing shareholders, utilizing a parallel process of book building and a public offering. Existing shareholders will be given priority in the allocation of shares distributed via the public offering.
Offering price set at €0.80
Specifically, following the decision of the bank’s board of directors and the resolution of the extraordinary general meeting of shareholders, an increase in share capital of up to €18.75 million was approved. This is to be achieved through cash payment to raise funds up to the amount of €300 million, via the issuance of up to 375,000,000 new shares with a nominal value of €0.05 per share and an offering price of €0.80 per share, with the exclusion (cancellation) of existing shareholders' preemptive rights and the option for partial coverage.
The final number of new shares to be issued under the share capital increase will equal the quotient of the total amount ultimately raised divided by the offering price. The final nominal amount of the increase will equal the product of the final number of new shares multiplied by their nominal value (€0.05 per share). It is noted that prior to the capital increase, the total existing shares amounted to 1,618,012,407, with Thrinvest Holdings holding 50.17%, the Hellenic Corporation of Assets and Participations holding 36.16%, and a free float of 13.6%. As announced, besides Thrivest, the Hellenic Corporation of Assets and Participations will also not participate in the capital increase.
Allocation ratio for existing private shareholders
The new shares will be distributed through: (a) a public offering in Greece to private and institutional investors (20% allocation), with a priority allocation right for existing shareholders registered in the D.S.S. at the close of trading on 30.03.2026. This allocation will be proportional to their existing stake, specifically at a ratio of 0.23176583713304 new shares for every one existing share, allowing them to maintain their participation percentage unchanged relative to their stake before the increase; and (b) a private placement outside of Greece (80% allocation), which does not constitute a public offering and remains subject to applicable prospectus requirement exemptions.
Two funds and shipowner Mr. I. Gotsis
Regarding the international offering, three investment funds have committed individually, and not jointly, to participate in the share capital increase with an amount of €110 million. These are Discovery Capital Management LLC, Fiera Capital, and Marbella Investments (owned by shipowner Mr. I. Gotsis). It is estimated that the latter's fund will contribute approximately €35-40 million, holding about 2% of the bank's total shares with the prospect of further increasing this stake. (Note: It is recalled that Mr. Gotsis is among the shareholders of the company Aktor, where the main shareholder is Thrinvest, owned by entrepreneurs D. Bakos, N. Kaymenakis, and A. Exarchou).
Discovery Capital Management and Fiera Capital are expected to hold stakes of approximately 1.5-2%. According to reports, many companies of Greek shipping interests as well as funds active in the Greek market are expected to appear in the share capital increase.
D.P.
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