INVL LIFE, a company of Invalda INVL Group, Sold 0.06% of AB Šiauliu bankas Shares

Source: 12/22/2022, Location: Not categorized

Hereby we inform that INVL LIFE, a company of Invalda INVL group, sold a total of 341,745 units of AB Šiauliu bankas shares (0.06% of the authorized capital of AB Šiauliu bankas) for the total price of EUR 238,460 on the regulated market through the Nasdaq Vilnius Stock Exchange.

In the announcement published on 22 December 2021, about the contract for the acquisition of AB Šiauliu bankas shares from the European Bank for Reconstruction and Development (the text of the announcement is here) it was indicated that Invalda INVL has not made a decision to increase the number of Šiauliu bankas shares directly or indirectly controlled to the extent that the limit of 10% of Šiauliu bankas shares is reached or exceeded. The permission of the supervisory authority is required for the acquisition of such stake in a bank.

After the implementation of the second stage of the above-mentioned contract (it must be implemented by 31 May 2023), the 10% share limit would have been exceeded, therefore it was decided to sell part of the bank shares held by INVL LIFE.

Moreover, we inform that the 10% share limit will be exceeded after the implementation of the merger of the retail businesses between Invalda INVL and Šiauliu bankas announced on 23 November 2022 (the text of this announcement is here), which still needs to be approved by the general meetings of shareholders of the both issuers. Therefore, if this transaction is approved by shareholders, Invalda INVL will apply in the near future for the necessary approvals to acquire a qualified share of the bank's authorized capital (10%).

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