Centurion BOP

Message

   The prominent shareholders of CBoP Sabre Capital(1.84%), Bank of Muscat (15.45%) and Kephinance Investments  (6.76%)who collectively hold about 24.05% of the Share capital of CBoP plus Sabre Capital holds about 127 million warrants which comes to about 7.5% making it around 31.55% colectively have an agrrement on sale of shares of CBoP as under: 

The Board of Directors shall control and supervise the operations of CBoP. Sabre would recommend a CFO and a CEO and other senior officials whose appoiintment shall be confirmed by the Board.

In the event of any of these shareholders getting a right to sell their shares the matter would be brouight up to the Board and the Board shall if deemed fit accept the offer.

In case the offer is accepted by the Board to be in the interest of the general shareholders the above mentioned parties to this agreement are bound to tender their shares either in full or part as may be required to make the stake sale process smooth and fair.

In case any of the shareholders resent to the stake sale they will have to buy the stake from the other shareholders at the price which has been offered by the third party.

Interestingly CBoP has no promoter. Additionally ICICI ventures and Citicorp Ventures are also shareholders with 4.4% and 3.4% respectively - VC's  are never permanent investors.

So collectively 40% of CBOP is available for sale. Any buyers at 40 times Fy 09 PE and 3.7 times Price to adjusted book!

Edited by basant - 24/Nov/2007 at 8:42am