Opens in a new tab

Breaking news

Bank of Cyprus Advances Strategic Share Buyback Initiative

Overview of the Share Repurchase

Bank of Cyprus has taken decisive action in its strategic share buyback program by repurchasing 339,586 ordinary shares between May 16 and May 22, 2025. This significant acquisition underscores the bank’s commitment to enhancing shareholder value and streamlining its capital structure.

Transaction Specifics and Market Details

The shares, each carrying a nominal value of €0.10, were procured on two primary platforms—the Cyprus Stock Exchange (CSE) and the Main Market of the Regulated Securities Market at the Athens Stock Exchange (ATHEX). Specifically, 59,100 shares were transacted on the CSE, while a bulk of 280,486 shares were acquired on the ATHEX. The bank’s broker, Cyprus Investment and Securities Corporation Limited (CISCO), executed these transactions.

At its peak, the transaction price reached €6.68 per share on both exchanges. The lowest prices recorded were €6.20 on the CSE and €6.22 on the ATHEX, leading to volume-weighted average prices of €6.47 on the CSE and €6.48 on the ATHEX.

Strategic Implications and Future Outlook

This repurchase is an integral component of a larger initiative wherein the bank anticipates canceling up to €30 million worth of shares. Such a measure not only signals robust confidence in the bank’s long-term outlook but also serves as a tactical maneuver to refine its financial structure amid evolving market conditions.

€50 Million Luxury Resort Planned For Ayia Napa

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

eCredo
Uol
Aretilaw firm
The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter