Salamis Tours shares soar after full ownership bid

Salamis Tours shares soared on the Cyprus Stock Exchange (CSE) on Wednesday after its main shareholder, E.V.H. Investments, announced a mandatory public offer to acquire up to 100 per cent of the company.

As a result, Salamis Tours became the market’s highlight, with E.V.H. Investments Limited—already holding an 83.26 per cent stake—issuing a public takeover offer to secure full control.

This decision, following its recent acquisition of an additional 3.01 per cent, was made in compliance with Article 13 of the Public Takeover Offers Law, thereby drawing significant attention from investors.

As reported by the CSE, E.V.H. held 29,315,025 ordinary Salamis shares, each with a nominal value of €0.43, amounting to 80.25 per cent of the company’s issued capital as of November 11, 2024.  

“Following the acquisition on November 12, 2024, of an additional 1,100,845 ordinary shares of SAL representing 3.01 per cent of its issued share capital, E.V.H. is obliged, pursuant to Article 13 of the Public Takeover Offers Law, to submit a Mandatory Public Takeover Offer to all Salamis shareholders,” announced the CSE. 

The offer, priced at €4.20 per share, represents an increase of 27.3 per cent over Salamis’ last traded price, providing an attractive incentive to shareholders.

“The intended consideration for the acquisition of Salamis’ securities is €4.20 per share, payable in cash, to all shareholders who accept the Public Offer,” the company stated.

E.V.H. has arranged with a Cypriot credit institution to ensure swift payments to accepting shareholders.

The effect on Salamis’ shares was swift. They closed at €4.20 by the end of the trading session on Wednesday, reflecting a 27.27 per cent increase with a notable €1 million turnover.

To accommodate transactions at the new price, the CSE adjusted its variation limits upwards.

“The general index closed at 206.56 points, up 0.41 per cent, while the FTSE/CySE 20 closed at 125.82 points, also increasing by 0.41 per cent, with total transactions valued at €2.5 million,” according to the CSE.

In the meantime, by noon on Wednesday, the general index had recorded a slight 0.22 per cent rise to 206.18 points, supported by gains from both Hellenic Bank and Salamis Tours, the latter up nearly 28 per cent.