Group of UK and US investors interested in buying Hellenic Sugar Industry for more than 100 mln euros

A group of British and American investors are interested in buying Hellenic Sugar Industry – and its subsidiaries in Serbia – for an initial price of more than 100 million euros, Christos Farmakis, the founder of the Anglo-American consortium with an equity stake of 20 pct, told ANA on Thursday.

“We are extremely flexible and there is a lot of room to significantly raise our initial price,” Farmakis said, adding that the “purchase price does not reflect the investments we wish to make in the short- and medium-term.” He noted that the UK-based company Kingsley Capital was one of the participants in the consortium and stressed that significant US companies were also participating.

“We are trying to draft a survey and to present it to the Greek government, however, there is a lack of necessary data. Some people, and I do not mean the government, won’t give them to us,” he said. He added that the consortium’s interest in buying Hellenic Sugar Industry Group will remain strong and noted that talks with the Greek government were at a very early stage.

“There are good intentions and signs are optimistic,” he said. Farmakis made it clear the consortium did not include investors seeking to break up companies and sell them piece-by-piece. “I informed the Greek government of our intention to initially stabilise the production structure of the group and its market shares and in the medium-term to significantly strengthen its position,” he said. He added that Hellenic Sugar Industry’s subsidiaries in Serbia reported net profits of 25 million euros in the 2016-2017 period and said that profits could reach 30 million in the 2017-2018 period.

Farmakis said Greece, despite the crisis of recent years, presented significant and serious investment opportunities.