The Cyprus Securities and Exchange Commission (CySEC) has granted an exemption from mandatory takeover offer requirements, specifically linked to a planned share buyback programme by the Cyprus Cement Public Company Ltd.
- This decision was made during CySEC’s meeting on July 13, 2026, following a request from George S. Galatariotis & Sons Ltd, along with other associated parties acting in concert with the company.
- The timeframe for this share repurchase initiative is set to continue until June 17, 2027, providing the company with a strategic opportunity to manage its share capital effectively.
This decision was made during CySEC’s meeting on July 13, 2026, following a request from George S. Galatariotis & Sons Ltd, along with other associated parties acting in concert with the company.
According to CySEC, the exemption falls under Article 15(1)(ib) of the Public Takeover Bids Law of 2007, as amended. This ruling effectively removes the obligation to make a public takeover offer to the shareholders of Cyprus Cement.
The share buyback programme allows the company to acquire up to 1 million of its own shares, which could potentially increase the voting rights held by George S. Galatariotis & Sons Ltd and its associated parties.
The timeframe for this share repurchase initiative is set to continue until June 17, 2027, providing the company with a strategic opportunity to manage its share capital effectively.
