PFI sells for 85.9 mln euros

National Bank and Emporiki Bank said yesterday they have sold their stakes in Phosphoric Fertilizers Industry (PFI) to ELFE, according to separate Athens bourse filings yesterday. ELFE acquired all the shares in PFI, a producer of fertilizers and other chemical products, for a total of 85.9 million euros, National Bank’s statement said. National will receive 18.8 million euros for its 22 percent stake in PFI, while Emporiki will take 29.6 million euros for its 33 percent stake in the company. Senior company sources have indicated that ELFE plans to invest some 30 million euros in PFI over the next two years in order to modernize operations and expand into Greece’s neighboring markets. Meanwhile, the Coalition of the Radical Left (SYRIZA) described the sale of state-controlled PFI as «unacceptable,» accusing the conservative government of handing over the company to private sector interests in express procedures that lacked transparency.