ECONOMY

Plias takes a 50-pct stake in Lamda Akinita

Household product company Plias, formerly known as Papoutsanis, said yesterday it has taken a 50-percent stake in Lamda Akinita, a subsidiary of holding company Lamda Development, with the objective of jointly developing a piece of property in Kato Kifissia. Plias sold the piece of land, some two hectares, to Lamda Akinita last year for 8.2 million euros (2.8 billion drachmas). Its former factory located on the premises was heavily damaged in the 1999 earthquake. The real estate company had said it planned to construct buildings covering 29,000 square meters. «The strategic agreement between Lamda Development and Plias broadens Lamda Development’s range of real estate projects and ensures an immediate flow of funds to Plias,» the companies said in a joint statement. In addition to real estate, subsidiaries under the Lamda Development umbrella are active in tourism, ship repair, aviation and infrastructure works. The tax will not affect wholesale repo transactions in the interbank market and between credit institutions, Papademetriou said.