February 1, 2007 ASPIS PRONIA GENERAL INSURANCE S.A. announces that its subsidiary MFS HOLDINGS PUBLIC COMPANY LTD, signed on February 1st 2007 an agreement for the acquisition of 35.012% of the insurance company Universal Life Insurance Public Co. Ltd from the company MarfinLaiki Bank at the price of £3.00 per share. The total price for the acquisition amounted in £13.927.800 or Euro 24.080.000,00 which was paid in cash by MFS Holdings PCL.
The particular acquisition is included inside the framework of ASPIS Group strategy to become the dominant Group in the insurance sector of CYPRUS and Middle East. With the completion of this acquisition ASPIS Group via MFS Holdings PCL and its subsidiaries Liberty Life Insurance and Apis Pronia Cyprus increases its market share in the sector of life insurances towards the completion of its strategic objectives.
The agreement beings in the approval of Cypriot Democracy Situs Authorities.
It is also reminded that ASPIS Group companies, ASPIS PRONIA GENERAL INSURANCE S.A. and Commercial Value S.A. have jointly submitted a revised public proposal for the acquisition of Universal Bank PCL at the price of 1,35 Cypriot Pounds per share while they have already received the relative approvals from the Central Bank of Cyprus and Competition Committee.
MFS Holdings PCL will immediately inform the investment public for each further progress that concerns acquisitions of other insurance companies.
