The public is showing a good response to acquiring shares in the new cooperative banking society under formation, taking into account that we are in August when many people are on vacation, the President of the Pancyprian Cooperative Society for Participation and Promotion of Cooperatives, Panicos Champas, has said.
"There is a response from the public, while contacts are also being made with companies to invest in the bank under establishment," he added, in statements to CNA.
It is noted that from 22 July, the online offering of 42 million new shares, through a Public Offering, of the Pancyprian Cooperative Holdings and Promotion of Cooperatives LTD (Παγκύπρια Συνεργατική Εταιρεία Συμμετοχών και Προώθησης Συνεργατισμού ΛΤΔ), with a nominal value of one euro each, with a minimum participation of 100 shares, began. The share purchase will continue until 17 November through the Athlos Capital platform. The Prospectus was approved by the Cyprus Securities & Exchange Commission (CySEC).
Champas said that because the entire process is ongoing, he cannot mention the specific rate of interest in acquiring shares of the new Cooperative, while clarifying that if the necessary amount is not collected by the end of the application period, "we have the right to extend the Public Offering by eight months, after first updating the Prospectus."
Invitation to the world to participate
"Such complex ventures, for the creation of even a cooperative bank, within the institutional framework of the European Central Bank, with the enormous demands, policies and governance that exist, are not often given to the Cypriot people," he added.
Champas called on "the Cypriot people to actively support this effort and become a member of the company by purchasing shares."
"This effort concerns everyone. This Pancyprian Cooperative Bank is being created by civil society for the citizens of Cyprus," he concluded.
Community gatherings to explain how to apply
Regarding today's regional gathering in Triptolemos Evrychou, Champas said that the purpose of the gathering, which is being held in collaboration with the Union of Cyprus Communities and following an invitation from the communities themselves, is to educate citizens on how they can make their application online.
"Because the application is only made online, technical staff from the Company will be present at the gatherings to inform people how they can make their application," he added.
He noted that a regional gathering will be held on Wednesday in Kalopanayiotis and on Thursday in Kampos Tsakistra.
The goal, he continued, is to cover all areas by September so that people can be informed on the process.
(SourceL CNA)
