Precisely, Aspis Group of Companies SA, in charge of Mr Paul Psomiades, proceeded last Friday late at night (26.05.2006) with the signing of the agreement with major shareholders’ team that controls MFS for the acquisition of 50% plus 1 share of the Group. The price will reach 7 million Euros, while the payment will be in cash.

The Public Offer of ASPIS GROUP OF COMPANIES SA is associated with the acquisition of 50% plus 1 share of the issued share capital of MFS, that is 14.946.451 shares. Aspis Group, through the aforementioned acquisition, gain the full control of the listed company MFS HOLDINGS PUBLIC COMPANY LTD, the listed in CSE insurance company Liberty Life, as well as a number of subsidiaries active in the Real Estate and Financial Services sector. The agreement does not include the acquisition of MFS HOLDINGS subsidiaries in Greece, MFS HELLAS S.A. and GALAXIAS General Insurance S.A.

Specifically, Aspis Group of Companies SA informed the CSE that will proceed to the submission of the Public Offer Document for the acquisition of 50% plus 1 share of the issued share capital of MFS HOLDINGS PUBLIC COMPANY LTD (MFS) against 30 cents each one.

It is noted that, the seven major shareholders of MFS who hold 16,780,253 shares, that is 56.1% of the issued share capital of MFS, have agreed and have engaged to accept the Public Offer. The total issued share capital of MFS amounts to £11,957,160 divided into 29,892,901 shares of nominal value 40 cents each, 17,392,901 shares of which are listed and are trading in the CSE, while 12,5 mln. shares have been issued and are expected to be listed in the CSE after the submission of the relevant Prospectus to SEC.

According with Aspis Group executives, the acquisition aims at expanding Group’s presence in Cyprus, improving the course of MFS and its subsidiaries such as Liberty and cooperation that might derive from the know-how and the extended presence of Aspis Group in the insurance and financial activities.