State-owned shares in Priorbank have been sold through a acquisition deal
Prioribank Completes Share Repurchase Deal, Acquires Shares from Republic of Belarus
In a significant move, Prioribank, a leading Belarusian financial institution, has announced the completion of a share repurchase deal. According to the bank's press service, confirmed to Myfin.by, Prioribank will acquire 7.8 million ordinary shares, representing 6.31% of the authorised capital.
The acquisition does not seem to involve repurchasing shares from minority shareholders, as the details of the deal have not been disclosed. However, the main competence for repurchasing shares from minorities lies with the main shareholder.
The shares repurchased were owned by the Republic of Belarus. The price per preferred share is 15.07 rubles, and Prioribank also expects to repurchase 2,220 preferred shares from the state for a total of 33,400 rubles. The price per share for the acquisition is 20.96 rubles, higher than the balance sheet value.
The appraisal report for the preferred shares was not specified as part of the share repurchase deal with the Republic of Belarus. However, the price was determined based on an independent appraisal report from RUP "Institute of Real Estate and Appraisal" dated May 20.
At the current exchange rate, the deal's amount is approximately $53.7 million. It was previously reported that the deal's amount is over 162.7 million Belarusian rubles, but the exact amount of the share repurchase deal, including the acquisition of both ordinary and preferred shares, has not been disclosed.
A search for detailed information about Prioribank's share repurchase program targeting minority shareholders in the provided data yielded no specific results. For precise and current information about Prioribank's share repurchase, it is recommended to check Prioribank’s official press releases, financial statements, or communications on their corporate website or filings with financial regulatory authorities.
The acquisition of both ordinary and preferred shares will increase Prioribank's shareholding, but the bank's press service did not comment on repurchasing shares from minority shareholders. This development is expected to have a significant impact on Prioribank's operations and the Belarusian financial market as a whole.
The acquisition of 7.8 million ordinary shares by Prioribank, a leading Belarusian financial institution, involves purchasing shares owned by the Republic of Belarus and brings an increase in the bank's shareholding. Despite this, no specific information was found regarding Prioribank's share repurchase program targeting minority shareholders.
