Cairo Mezz PLC
CMZZF
Other OTC0.10
USD
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Cairo Mezz PLC
CMZZF
(Other OTC)
Recent
price
0.10
P/E
ratio
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div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Cairo Mezz Plc, a Cyprus-based special purpose vehicle listed on the Athens Stock Exchange (ticker: CAIROMEZ; OTC: CMZZF), holds and manages mezzanine and junior notes issued in connection with the Cairo securitization of a EUR 7.5 billion gross book value portfolio of non-performing loans originally transferred from Eurobank Ergasias S.A. in June 2019 to Irish special purpose vehicles Cairo No. 1 Finance DAC, Cairo No. 2 Finance DAC, and Cairo No. 3 Finance DAC; these notes, comprising mezzanine tranches (Class B1 and B2 totaling approximately EUR 1.46 billion) and related junior tranches (Class C1 and C2 totaling approximately EUR 3.63 billion), generate cash flows for the company only after servicing fees, Hercules Asset Protection Scheme costs, senior note interest and principal (EUR 2.4 billion held by Eurobank), and other priority obligations under the repayment waterfall are fully satisfied. The company's sole business activity centers on this passive investment in the notes, with no involvement in the Cairo Portfolio's business plan formulation or execution, which is managed by servicer doValue; revenues derive exclusively from note receivables tied to non-performing loan collections, while expenses include bank interest, legal, administrative, investor relations, and ATHEX listing fees, resulting in no revenue but net losses such as EUR 185,378 for the first half of 2025 amid fair-valued investments of EUR 240.3 million and shareholders' equity of EUR 240.0 million. Founded on January 15, 2020, as Mairanus Ltd. and renamed Cairo Mezz Plc in September 2020, the company is headquartered at Palais D’Ivoire House, 33 Vasilissis Friderikis, Nicosia, Cyprus, with CEO Elena Papandreou and non-executive board members Christina Ioannides and Katerina Hadjichristofi; it operates within the capital markets sector targeting recoveries from Greek non-performing loans, with shares distributed to Eurobank shareholders at a 1-for-12 ratio totaling 309.1 million shares, Fairfax Financial Holdings Ltd. holding 33.48% voting rights, and doValue owning 20% of the mezzanine tranche for EUR 15.3 million while serving as portfolio servicer. Recent financial updates include approval of first-half 2025 statements on September 29, 2025, showing improved EBITDA loss (EUR 179,746 vs. prior EUR 208,398) and sustained focus on note fair value assessments by independent valuers as of December 31, 2024, with no new product launches, acquisitions, or strategic shifts reported beyond ongoing portfolio servicing dynamics.