Proti Insurance: Investor Hunting

Proti Insurance: Investor Hunting

The deadline for Advantage Capital Holdings to invest in Proti Insurance was due to 29th of March. Advantage Capital Holdings has been given this deadline by the insurance company in order to do some decision making regarding the strategy they would follow as far as the investing in the company is concerned.

The raise of Proti’s Insurance capital is 16.5 million euros as the company must cover this amount according to the legislation and must be completed in a short period of time.

After the resignation of the main shareholder of Proti Insurance, the BoD can decide on its own regarding the participation of someone interested in investing.

Proti’s management is still trying to complete a buy out of the company as, according to Mr. Stephanos Avgouleas, they are negotiating with Demco Holding SA, of Mr. Demetrios Contominas.

PISC (Private Insurance Supervision Commitee) is aware of those actions as they were notified beginning of February regarding the interest for the Company.

The negotiation have been taking place for more than a month with no further notice to the PISC for any outcome.

Click here for the Greek article.

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