BUSINESS

Euro suitors for EBZ’s Serb sugar plants

TAGS: Business

European companies have expressed an interest in participating in the international tender that Hellenic Sugar Industry (EBZ) will call for the sale of the factories of its two subsidiaries in Serbia, EBZ president Christos Rossios stated. He added that the state firm’s board meeting on Monday approved the tender process so that it can be announced immediately.

The minimum price an investor will have to bid for the two profit-making plants in Serbia is 25 million euros, according to recent statements by Rossios and the company’s chief executive, Pantelis Manis.

Hellenic Sugar expects the sale of the Serbian factories to help EBZ with its loan obligations, so that it can move ahead with its plans to expand internationally. That would also restore the company’s lost credibility in the eyes of its partners as well as producers.

Monday’s board meeting also approved two strategic agreements for the purchase and sale of sugar that EBZ is discussing with two major European firms. According to Rossios, these two agreements “are expected to be signed in the next 10 days.”

He also said that producers will receive the 1.8 million euros owed to them from last year by early next week.

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