ECONOMY

ATEbank sells Dodoni to British-led consortium

London-based firm Strategic Initiatives UK LLP is the new owner of the Dodoni, the dairy company?s previous owner, Agricultural Bank (ATEbank), announced on Friday.

ATEbank confirmed the signing of the contract for the sale of its controlling stake in the Ioannina-based firm to the SI consortium, comprising Strategic Initiatives (90 percent)and Greek enterprise Simos Food Group SA (10 percent).

The price of the transaction was set at about 21 million euros, ATEbank stated.

According to the conditions of the sale agreement, the new owner of the dairy firm has the obligation to aim at ?the growth of Dodoni in the domestic and international market by maintaining its base in Ioannina [northwestern Greece], the optimal use of the staff, the maintenance and development of the local milk production zone, strengthening the company?s relations with farmers and generally with its suppliers, along with respecting the environment, and supporting the local community.?