ECONOMY

MIG sells stake in Vivartia

Marfin Investment Group (MIG), Greece’s biggest investment firm, said on Friday it will privately place at least 12 percent of majority-owned food group Vivartia this week with institutional investors. MIG, which currently holds 91.5 percent in Vivartia, said the placement via an accelerated bookbuilding will take place at a price above 25 euros a share. MIG bought 30 percent in Vivartia in July and continued to raise its stake until August when it tendered for the remaining shares at 25 euros each. Also on Friday the Athens Exchange announced the lifting of the trade suspension of Vivartia shares from today after the additional clarifications provided by the company on its five-year business plan. However, it has been placed in the special market features category as its dispersion is low. Separately, the stake of MIG in OTE telecom has risen to 14.397 percent, the group announced to the New York Stock Exchange. On Thursday MIG acquired four packages which included 1,867,720 shares of OTE, taking its total to 70,565,723 shares. Market observers expect MIG to continue its daily acquisition of OTE shares and head for the target of 20 percent in the country’s main telecommunications provider. (Reuters, Kathimerini)