Dubai-based Switz Group is the new owner of Athens-listed rusk manufacturer Kriton Artos.
According to a bourse filing by the Cretan company, Switz Group Europe Ltd directly and indirectly possesses 3,222,351 common shares representing a 60.55 percent stake in Kriton Artos. Company sources add that it is likely the United Arab Emirates-headquartered group, which is active in the baking industry, will raise its stake to 80 percent fairly soon.
Switz Group is controlled by the Khorakiwala family, which began its activity with a bakery in Saudi Arabia in 1980. It now boasts an annual turnover of more than 250 million euros and employs 4,500 people in nine countries (Turkey, Bahrain, Saudi Arabia, Qatar, the UAE, Oman, India, Sri Lanka and the Philippines). The group’s growth strategy is based on the acquisition of small and medium-sized enterprises active in the bakery industry, bread retail, the production and distribution of bakery materials and the production and processing of eggs.
Kriton Artos was founded in 2004 with the acquisition of an old family-based company that made traditional Cretan bread products. In 2017 it had a turnover of 5.9 million euros and net profits of 326,000 euros. In June 2018 its obligations reached 3.03 million euros.