Greece’s Sekap Stake Attracts Four Offers, Imerisia Reports

Ilias Papadopoulos SA is one of four companies that have made non-binding offers to buy the Greek state’s 50.4 percent stake in tobacco company Sekap SA, Imerisia reported.

The bidders will be given more information on Sekap before being asked to submit binding offers, the newspaper said, without citing anyone. The chosen bidder will have to have to increase Sekap’s share capital by 20 million euros ($26 million) and commit to an investment plan of as much as 10 million euros, Imerisia said.

State-owned Agricultural Bank of Greece (ATE) SA owned the Sekap stake until Piraeus Bank SA (TPEIR) bought the lender in July as part of a bank restructuring; Sekap was among units that Piraeus didn’t take.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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