In Brief
More than 1 bln euros to be invested in Greek power grid The Public Power Corporation (PPC) and the Electric Power Distribution Operator (DESMHE) will invest more than 1 million euros in the 2006-2010 period, according to a plan for the development of the national grid signed by Development Minister Dimitris Sioufas yesterday. The plan includes a undersea cable linking the power station at Lavrion, at the tip of Attica, with Syros and other Cycladic islands through subordinate extensions, and new high voltage centers in Attica and the Peloponnese. Greek realty developers preparing big Sofia projects Greek business groups are reportedly planning big investments in real estate development and management in Bulgaria. These include Sofia West Center, a 50-million-euro mall and office complex on Sofia’s Evropa Avenue, three kilometers from the city center. Christos Mouroutis, owner of Eurocapital Finance AD which is planning the investment, said the project will begin this year and be completed in 2008. Finance has already been secured from Greek banks active in Bulgaria. «In order to attract Greek businessmen, we shall offer 30 percent discounts on rent packages for the first two years,» Mouroutis said. Separately, the daily Dnevnik reported that Lamda Development is considering participating in a similar, 70-million-euro project together with the Global Emerging Property Fund. According to the paper, the fund’s short-term plans envisage investments totaling 450 million euros in Bulgaria, Serbia and Romania. Bulgaria’s hydro Bulgaria signed contracts yesterday with Austrian VA Tech Hydro, recently acquired by Austrian Andritz AG, and Porr Technobau und Umwelt AG to modernize three Bulgarian hydroelectric plants in a deal worth 65.4 million euros, officials said. The three plants are part of the Dolna Arda hydro cascade and Bulgaria expects the complex to start producing some 20 megawatts more electricity annually after the modernization. (Reuters) Kontominas Investment group Demco, controlled by former Greek insurance magnate Dimitris Kontonimas, said yesterday it had acquired 11.3 percent of the listed firm Euroconsultants, which it views as «a strategic partner in the evaluation and organization of investments in energy and technology in the Gulf and Balkan countries.» Cosmetics The turnover of the Greek cosmetics market grew about 12 percent in 2005 to almost 5 billion euros, according to Stat Bank study. Pretax profits rose 17 percent to 218 million euros. The sector recorded average annual growth rate of 11 percent in the 1995-2004 period. Skincare products accounted for 48 percent of the market, followed by haircare products with 30 percent. Perfumes and makeup products captured a combined 22 percent.
