State and NatWest to sell €110.4m in Permanent TSB shares
Christian Fernsby ▼ | June 3, 2023
The state and UK banking giant NatWest will offload 10% of Permanent TSB onto the market following a surge in demand for the bank's stock.Article continues below
Finance Minister, Michael McGrath announced on Friday the sale of €55.2m in Permanent TSB shares, reducing the States's shareholding in the bank to 57.4%. Natwest will also receive €55.2 from the sale, retaining an 11.7% stake in the bank.
Selling a 5% stake at €2.025 per share, the State's sale was carried out by placing shares in an accelerated book-building process to investors, carried out in tandem with NatWest Group.
The minister continued by saying the transaction was met with "significant demand," from a wide number of local and international investors, with the deal improving liquidity as the state prepares for wider disposals in the coming years.
"We welcome the decision by the Minister for Finance and NatWest to dispose of shares in PTSB in accordance with the terms of a shareholder cooperation agreement," said PTSB chief executive, Eamonn Crowley.
"This is another important step in normalising the composition of our shareholder base and creating further liquidity in the Bank’s shares. Furthermore, it demonstrates market appetite to invest in PTSB following a period of transformational growth and supports our stated ambition to deliver value for the Irish taxpayer." ■ What to read next
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