Closed-end Investment Companies

A Closed-end Investment Company (C.I.C.) is a company formed as a Greek Soci?t? Anonyme with the sole purpose that of participating in the capital structure of other companies, by investing primarily in shares and bonds of non-listed companies.

A C.I.C. is permitted to invest in:

• transferable securities (shares, bonds, warrants),
• UCITS units,
• UCI units (under conditions),
• money market instruments and cash deposits.

A C.I.C. is formed as:

• a Greek specialized S.A. which issues registered shares 
• serving as a closed-end collective investment scheme
• with a minimum share capital of € 300,000
• with no prior license of operation from the Hellenic Capital Market Commission (HCMC)
• under the condition that it will get its shares admitted to trading
  • on a Regulated market or a Multilateral Trading Facility, within 24 from establishment, with 24 months possible extension granted by HCMC
  • if within this time frame shares are not listed, C.I.C. has to get dissoluted
• the safekeeping of the portfolio assets is delegated to a Custodian
• after the listing of the shares on a Regulated Market or the admission to trading on an M.T.F. the C.I.C. is supervised by HCMC