MK Group, Bulgaria's Litex Commerce shortlisted for acquisition of Greece's Hellenic Sugar

Greece’s ATEbank shortlisted Serbian sugar maker Sunoko and Bulgaria's Litex Commerce in a tender for its 82.33% stake in Hellenic Sugar Industry, the bank announced on its website.

Hellenic Sugar’s owner, Agricultural Bank of Greece (ATE) SA, is is selling non-banking activities as part of a restructuring plan. The takeover of Hellenic Sugar, with a market value of between 32 million euros ($44 million) and 40 million euros, would help MK Group expands in the Balkans, Kostic told Bloomberg.

The investment would open up sugar markets in neighboring Macedonia, Bulgaria and Albania, “but primarily Greece because Greece is our top sugar buyer, they do not produce enough sugar,” Kostic added.

Serbia exports around 100,000 tons of sugar to Greece, worth between 70 million euros and 80 million euros a year, accounting for 65 percent of an annual sugar export quota the country has with the European Union.

MK Group d.o.o. Beograd

ATEbank Athen

ATEbank

Sunoko

Litex Commerce

MK Group

Hellenic Sugar

Miodrag Kostic