Sugar industry reluctant to sell its Serbian plants

Streamlining the Hellenic Sugar Industry (HSI) is proving a tricky process, as its management appears reluctant to declare Serbia's MK Group, which has offered 50 million euros for its two plants in Serbia, as the preferred bidder in the tender.

HSI President Antonios Hatzidimanatis told Kathimerini "we are not satisfied by the improved offers submitted as they are below the enterprise's value at the moment."

He added that the company will try to convince its creditor, Piraeus Bank, "that the tender should be declared void because our subsidiaries have a value and a future."

Sources say the industry has valued the two plants at 80-85 million euros.