Maib to buy back 3% of own shares, some shares sold by investor consortium
September 13 2024 - 2:15AM
UK Regulatory
Maib to buy back 3% of own shares, some shares sold by investor
consortium
Moldova-Agroindbank (maib), Moldova’s largest commercial bank,
one of whose shareholders is the leading Baltic asset management
group Invalda INVL, will purchase 3% of its own shares. Some of the
shares are being sold by maib’s largest shareholder, the British
company HEIM Partners Limited, which represents a consortium of
investors that also includes Invalda INVL.
“The purpose of buying back our own shares is to use them for
employee incentives and to provide liquidity for the bank’s
shareholders. The buyback will also enable the bank to achieve a
more efficient capital structure that ensures a higher return for
shareholders,” says Vytautas Plunksnis, the Chairman of the
Supervisory Board of maib and Head of Private Equity at INVL Asset
Management.
The share buyback took place from 21 August to 10 September this
year. Maib will pay 74.56 Moldovan Leu (MDL) (about EUR 3.88) a
share for 3,103,438 of its own shares, for a total of MDL 231
million (about EUR 12 million) for all the shares. The shares are
being bought under a buyback programme approved by maib’s General
Shareholders' Meeting on 19 June this year and by the bank's
Supervisory Board on 2 August.
Maib's largest shareholder, HEIM Partners Limited, which is also
taking part in the buyback programme, represents a consortium of
investors, including the European Bank for Reconstruction and
Development (EBRD), Invalda INVL and Horizon Capital. After the
sale of part of the consortium's maib shares, its shareholding in
maib will decrease from 41.09% to 39.88%, while the shareholding
indirectly owned by Invalda INVL alone will decrease from 7.92% to
7.68%.
In 2023, maid had an audited net profit of MDL 1.22 billion (EUR
64 million), or 7.5% more than in 2022. The bank paid dividends of
MDL 757 million (EUR 39.4 million) for the years 2021-2023.
Contact person for further information:
Vytautas Plunksnis, Head of Private Equity at INVL Asset
Management,
E-mail: vytautas.plunksnis@invl.com
Invalda Invl Ab (LSE:0IJB)
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