News

June 25, 2008

Greece Offers A New Agriculture Debutant For AIM

By Sally White

Athens does not seem to be having a lot of success at the moment keeping good IPOs at home, in spite of the launch of its version of AIM. Latest Greek company to announce a London flotation is the country’s largest food group, Soya Mills, which hopes to raise €50 million in an institutional placing next month.

Soya Mills’ wants the money for an ambitious strategy. The plan is to boost expansion at its oil seed processing, spending the money on up-grading its plant and private port and on a joint shipping venture to carry its raw materials and exports. All in the investment will amount to €100 million, the balance being funded by debt. The JV is with Greek shipping group Tsakos, owners of one of the world’s larger fleets. Together they intend to acquire three dry bulk vessels. When not used by Soya...