Greek company Hellenic Sugar is not going to sell its two sugar plants in Serbia (in Zabalj and Crvenka) but will focus on boosting the production of sugar beet and sugar.
This is what the company’s Managing Board decided after considering the bids from two interested buyers – the French company, Cristal Union and Austrian Agrana. The Board rejected both bids as unacceptable – the PR of Hellenic Sugar, Christos Alexopoulous said.
“None of the two investors offered realistic bids for the two Serbian sugar refineries. Agrana wanted to buy both plants for up to 51 million EUR, while Cristal Union offered 25 million EUR. Our Managing Board is of the opinion that the value of both sugar plants – in Zabalj and Crvenka – is around 85 million EUR. Hellenic Sugar is not going to publish public calls for submission of bids for the two refineries but will rather focus on improving the production of sugar and sugar beet”, Alexopoulous added.
Hellenic Sugar announced its intention to sell the two sugar refineries in the beginning of the year on condition that they would get a realistic price for both, and that the new owner has clear plans about advancing the sugar production and investing long-term.
Alexopoulos says that the company expected to produce 210,000 tons of sugar this year. “There has been a huge drought so we don’t expect the best yield”, the company’s PR explains and adds that Hellenic Sugar expects around 31 million EUR of clean profit from sugar production. “Last year, we had 18,000 hectares under sugar beet, produced 180,000 tons of sugar and had a net profit of 23.4 million EUR”, he adds.
Hellenic Sugar has three sugar plants in Greece and two in Serbia and is one of the top five sugar producers in Europe, Russia and Ukraine combined.
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