Greek construction firm Ellaktor announced late on Monday that it had sold a 30 percent share of Athens Resort Casino SA to Karenia Enterprises Company Ltd for 13.5 million euros.
More specifically, the listed group said it had sold 7,002,600 common registered shares of Athens Resort Casino SA representing a 30 percent stake. The remaining 70 percent is in the hands of Regency Entertainment.
Athens Resort Casino controls 51 percent of the Regency Casino Mont Parnes (Parnitha) with the remaining 49 percent controlled by the Greek state. According to Greek daily Kathimerini, both the Laskaridis and Kokkalis groups are involved in Karenia Enterprises Company Ltd.
The sale went for 2.5 times less than investment at 33 million euros made by Ellaktor.
The move comes as part of Ellaktor’s restructuring, with local media reporting that the group’s main shareholders and banks have agreed to sell a large part of their stake in secondary activities (energy, real estate, etc.) in order to redirect the focus on construction activity.