Pasal sees its white knight approaching
The transformation of Pasal Development should be completed during the summer, allowing the listed property development and management company to leave behind it the troubles of the past with the support of strategic investor Sterner Stenhus.
The Swedish group led by Greek-Swedish entrepreneur Elias Georgiadis has the role of the white knight for the Greek corporation, which required protection from its creditors in the context of the bankruptcy code.
Based on the business plan drafted, the 10-million-euro share capital increase is already under way, through the issue of 14,967,936 new shares at €0.67 each. Given that the Theodoridis family that holds the majority stake in Pasal will not participate, Sterner Stenhus will cover any part of the issue left unsold, so it will become the main shareholder with a stake of 88.9% unless someone else takes part, or at least 55.86% of other existing shareholders chip in.
Despite the expected recession, the Swedish group continues to work on its business plan for the Greek market, illustrating its confidence in the recovery prospects of the economy and the property market.
