Deal creates aquaculture national champion

An agreement has been reached for Selonda Fish Farming to absorb Dias Aquaculture, with the former acquiring the latter’s assets while Dias’s obligations will be covered by banks, according the agreement signed on Thursday.

Selonda will therefore obtain some additional installations that will allow it to increase its fish output to 35,000 tons per annum, while Dias will avoid a complete depreciation, contributing toward the creation of the biggest enterprise in Greek and Mediterranean fish farming.

The deal between the crediting banks and the two companies was signed on Thursday and submitted to the judicial authorities for ratification on October 7.

The agreement will further have to be approved by the general meetings of the two fish farming firms that must be held by June 30.

Selonda will also have to have completed its share capital increase within three months from the judicial ratification of the deal – i.e. by early 2016. Some of those shares will then be transferred to Dias’s creditors to satisfy their requirements.

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