CSE post-bailout capitalisation rises to €2.5bn

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By Stelios Orphanides

The current capitalisation of the listed companies on the Cyprus Stock Exchange rose 56 per cent during the post-crisis years to almost €2.5bn from below €1.6bn at the end of 2012, data compiled by the exchange show.

The increase in the capitalisation mainly over the past three years coincided with a drop in the companies listed on the regulated market from 115 on December 2012 to 85 currently, the data show.

Bank of Cyprus Plc Co. Ltd continues to tops the list as the company with the highest value, with a total of 8,922,944,533 outstanding shares which closed on Monday at €0.15, or a capitalisation of over €1.3bn, according to the CSE data. In 2012, three months before the 2013 banking crisis, the overall value of the bank’s share was a mere €450.6m.

As part of Cyprus’s bailout terms, Bank of Cyprus converted almost half of its uninsured customer deposits to equity before absorbing the operations of the defunct Cyprus Popular Bank, also known as Laiki, whose capitalisation at the end of 2012 was €150.1m. In August 2014, three months before having its share relisted at the CSE and Athens Stock Exchange, Bank of Cyprus raised €1bn in additional capital.

The capitalisation of Hellenic Bank Plc Co. Ltd, Cyprus’s second largest privately owned lender and the only major Cypriot bank which did resort to a bailout or a bail-in, stands currently at €238m and is the second highest of the listed companies, compared to €105.7m at the end of 2012. Hellenic Bank rose almost €580m in fresh capital after the banking crisis.

Hellenic is followed by Vassiliko Cement Works with a capitalisation of €115.8m compared to €31.6m almost 39 months ago. Demetra Investment Plc Ltd and Petrolina Holdings rank fourth and fifth respectively with an overall value of their outstanding shares of around €77.4m and €75.2m respectively followed by software producer Logicom with a capitalisation of almost €53m.

As several companies went in the past three years out of business, like in the case of Laiki and Cyprus Airways which run out of cash in January 2015, or were struck off, there remain more than a dozen of listed companies with a capitalisation value below the €1m mark.

Regalia Holding and Investments Plc Ltd is the company with the lowest capitalisation value of €20,247 followed by Modestou Sound & Vision Plc Company Ltd with €119,200 and Unifast Finance & Investments Plc Co. Ltd with €179,781.

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