ADVERTISEMENT

CIG Pannónia, Opus to cease cross-ownership

Deals

Insurer CIG Pannónia and holding company Opus Global on announced plans to cease their cross-ownership, state news wire MTI reports.

 CIG Pannónia will propose to shareholders at an extraordinary general meeting on December 21 a buyback of CIG Pannónia shares owned by Opus and the sale of Opus shares held by the company, the EGM agenda posted on the website of the Budapest Stock Exchange shows.

CIG Pannónia would buy 23,607,065 of its own shares, slightly more than the 23,466,020 shares owned by Opus, if the proposal is approved.

The purchase would cost CIG Pannónia about HUF 5.1 billion, calculating with the shareʼs closing price on Thursday.

CIG Pannónia would sell 6,844,255 Opus shares at a minimum price determined by the closing price on November 27, minus 10%, under another proposal.

The stake has a market value of about HUF 2.1 bln, calculating with the closing share price on Thursday.

CIG Pannónia would use the proceeds from the sale of the Opus shares as well as from the planned sale of a 16% stake in MKB-Pannonia Fund Management to fund the buyback of its own shares.

In a separate disclosure on Thursday, Opus confirmed it is negotiating with CIG Pannónia "with the same will, to reshuffle their existing shareholdings".

In its Q3 earnings report, CIG Pannónia disclosed a HUF 1.3 bln loss generated by a forged reinsurance contract for suretyship insurance in Italy signed by its general insurance unit EMABIT.

ADVERTISEMENT

Pressure increasing on CFOs - PwC survey Analysis

Pressure increasing on CFOs - PwC survey

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.