PRESS RELEASE
At the end of 2003, the Sarantis Group proceeded in a series of strategic moves in Greece and Poland.
More specifically, on 23.12.03, Gr. Sarantis ABEE took over 29.4% of the stocks of the Polish Company PACK PLAST INTERNATIONAL S.A. at the price of 2,006,000 Euro. After this take over, Sarantis owns 99.4% of the PACK PLAST INTERNATIONAL S.A.’s stocks, of which the turnover will reach the amount of 30 million Euro for 2003, while it shall present a profit of more than 500,000 Euro.
With this move, Sarantis assumes full control of PACK PLAST and provides to its management the opportunity of proceeding to a dynamic development program in the Polish market. Within this frame, the possibility of PACK PLAST entering the Stock Market of Warsaw is under thorough examination.
Moreover, on 30.12.03 following deliberations of the relevant Board of Directors, it was decided to proceed to the merge, based on the provisions of law 2166/93, of Gr. Sarantis ABEE with its subsidiaries companies SANITAS SANITAS S.A., PET LEADERS S.A., LOBELIN PHARMACARE S.A., P.A. GIANNAS S.A., DOMONOTURA S.A., through the absorbing of the subsidiaries by the parent company. The date of 31.12.03 was determined as the date of the balance sheet of transformation. The above mentioned subsidiaries belong 100% to the parent company Gr. Sarantis ABEE.
This move will provide to Sarantis the opportunity of more important synergies and a reduction to the Group’s operation cost, while at the same time it releases significant working force capabilities, which shall be exploited so as to support the development plan of the Group in Eastern Europe.
The above mentioned companies, after their merge, shall form branches of the Sarantis’ activity.
Contact
SARANTIS Group
26, Amaroussiou - Halandriou Street
151 25 Maroussi, Athens, Greece
Tel: +30 210 6173000
Fax: +30 210 6197081
e-mail: group-info@sarantisgroup.com
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