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Major strategic alliance in the Polish market through the acquisition of a company

8 JANUARY 2002

The management of “Gr. Sarantis S.A.” announces that it has signed an agreement with the Management and the Shareholders of the Polish company "PACK PLAST INTERNATIONAL Sp. Z.o.o." ("Pack Plast"), concerning its participation in the stock capital of the latter by at least 70%.

More specifically, Sarantis will acquire at least 70% of Pack Plast’s stock capital, on one hand through two consecutive increases of the latter’s stock capital by means of cash payment and a waiver of the option of the existing shareholders of Pack Plast in favour of Sarantis, and one the other hand through the merger of Pack Plast with the 100% Polish subsidiary of Sarantis, "Sarantis Poland S.A." ("SarPol"). For each stock capital increase of Pack Plast, Sarantis will pay in at least 6.4 bn Euro (approximately 2,200 million drachmae.)

Pack Plast is engaged in the production and distribution of a wide range of household products, such as: foodstuff packaging products (aluminium foil, food storage bags etc), plastic bags of various types, percolator filters, plastic household items, such as plastic plates and glasses, sanitary products made of paper and cotton etc. Pack Plast distributes most of the aforementioned products through well known Brand Names in the Polish Market, such as the "Kamelia" series of sanitary products, and the "Grosik" and "Jan Niezbedny" series of household products. The products of Pack Plast have a high degree of penetration in the Polish Market and, according to a study by AC Nielsen, Pack Plast occupies a leading position in most of their markets. As an example, it is mentioned that according to the most recent figures of AC Nielsen (October 2001), Pack Plast has shares of 36% and 39% in the aluminium foil and plastic bag markets respectively, which are considered as the most important markets for the company. It is worth noting that the second most important Polish company in the aluminium market after Pack Plast has a market share of only 9%, while in the plastic bag market the second most important Polish company after Pack Plast has a market share of only 20%.

Apart from the Polish market, Pack Plast is also activated in the Czech market, and distributes its products in Russia, Ukraine and elsewhere. The consolidated sales of Pack Plast for the fiscal year 2002 are expected to exceed 37 bn Euro (approximately 13 bn drachmae), while the company will show operating profits.

By means of this acquisition, Sarantis:
a) Obtains access, through a leading company, to a consumer public of 38 million people, without including the consumers of the Czech Republic, Ukraine, Russia, and other Baltic countries,
b) Acquires a company whose object is homogenous and complementary, a fact that will permit the achievement of significant synergies and economies of scale,
c) Further utilises, by means of the merger between Pack Plast and SarPol, its subsidiary SarPol, which has already shown significant activation in the said market.

The Management of Sarantis continues its extrovert policy, by expanding its activities in promising markets in the Balkans and southeastern Europe, constantly orientated to the creation of shareholder value.

The co-ordinator for the conclusion of the agreement in behalf of Sarantis AEVE was EFG Telesis Finance S.A.

SANITAS: changing cooking habits with the new baking paper with the multi-bake technology and celebrates it in a two-day Cooking Event

SANITAS, the leading brand in household care of the Sarantis Group, has created a unique event to introduce its new, upgraded non-stick paper to the food enthusiasts. Top chefs, nutritionists, mommy bloggers & food experts had the opportunity to enjoy a unique experience, cooking together with experienced chef Gabriel Nicolaides, unfolding secrets that will change our daily lives.
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