MIG HOLDINGS S.A.
Agreement for the acquisition of participation in consumer electronics retailers "Radio Korasidis" and "Elephant".
Marfin Investment Group ("MIG") announces an agreement to acquire 55.79% of the share capital of "Radio Korasidis" and 58.78% of the share capital of "Elephant" (together the "Group") for a total consideration of Euro 22.2 million from "V-NET", the strategic investor in the recent restructuring of the Group through the provisions of Article 44 of the Greek bankruptcy legislation.
"Radio Korasidis" operates 54 stores across Greece, including the 8 stores of "Vasilakis S.A." in Northern Greece, which are currently being integrated into the Group's network. The dynamic business plan that will be implemented provides for the establishment of 29 new branches in the period 2008-09, 25 of which will be of medium size and 4 of which will be superstores. Revenues are estimated to exceed Euro 200 million in 2008 and rise to Euro 350 million in 2009. As a result of the recent strengthening of its capital structure, the Group has the capabilities to exploit significant growth opportunities and expand its offering of products and services. At a later time, the possibility of listing on a stock market will be considered.
Commenting on the acquisition of "Radio Korasidis" and "Elephant", the Vice Chairman of Marfin Investment Group (MIG), Mr. Andreas Vgenopoulos, made the following statement:
"We are thrilled with the prospect of this historic consumer electronics retailer to re-establish itself and return to profitable growth. We believe that apart from the opportunities for development in the Greek market, there is tremendous potential for further expansion of the chain into the region of Southeastern Europe".
The Chairman and Chief Executive Officer of "Radio Korasidis" and "Elephant", Mr. Ioannis Evangelatos, made the following statement:
"The participation of MIG, a group with significant international presence, in "Radio Korasidis" and "Elephant", ensures our successful development going forward. We are now ideally positioned to become an important player in the consumer electronics market, both in Greece and in the wider region, not only as a seller of products but also as a provider of services."
"Radio Korasidis" operates 54 stores across Greece, including the 8 stores of "Vasilakis S.A." in Northern Greece, which are currently being integrated into the Group's network. The dynamic business plan that will be implemented provides for the establishment of 29 new branches in the period 2008-09, 25 of which will be of medium size and 4 of which will be superstores. Revenues are estimated to exceed Euro 200 million in 2008 and rise to Euro 350 million in 2009. As a result of the recent strengthening of its capital structure, the Group has the capabilities to exploit significant growth opportunities and expand its offering of products and services. At a later time, the possibility of listing on a stock market will be considered.
Commenting on the acquisition of "Radio Korasidis" and "Elephant", the Vice Chairman of Marfin Investment Group (MIG), Mr. Andreas Vgenopoulos, made the following statement:
"We are thrilled with the prospect of this historic consumer electronics retailer to re-establish itself and return to profitable growth. We believe that apart from the opportunities for development in the Greek market, there is tremendous potential for further expansion of the chain into the region of Southeastern Europe".
The Chairman and Chief Executive Officer of "Radio Korasidis" and "Elephant", Mr. Ioannis Evangelatos, made the following statement:
"The participation of MIG, a group with significant international presence, in "Radio Korasidis" and "Elephant", ensures our successful development going forward. We are now ideally positioned to become an important player in the consumer electronics market, both in Greece and in the wider region, not only as a seller of products but also as a provider of services."