MIG HOLDINGS S.A.
Press Release
- We will participate in the direct negotiation process for the acquisition of OLYMPIC, the Greek national air carrier
- We offer voluntarily to the State the option of renationalisation
- We wish that our initiative will be embraced by all political parties and the Greek people
In the critical and challenging economic environment that we are currently experiencing, the continuation of OLYMPIC's operations is of vital importance to the Greek tourism industry, employment, national sentiment and Greece's status in the international investment community. OLYMPIC is an inseparable part of our history, identity and everyday life and we all desire its continuing existence in order to, among other, bolster our national pride once again.
In light of the above, MIG has decided today to respond favourably to the invitation by the Interministerial Privatisation Committee and is ready to proceed to direct negotiations with the State so that OLYMPIC will continue to operate within the realms of Greek entrepreneurship. Should our negotiations reach fruition, we intend to voluntarily offer to the Greek Government the option to renationalise OLYMPIC at any point in time up until 3 months following the next general elections.
We hope that our initiative will be treated in line with our true intentions and beyond any political considerations or agendas. We are prepared to jointly participate in this process with any other robust and sound business or investment group that may wish to do so. Furthermore, we would even contemplate to withdraw from the process should another sound business entity be able to secure the successful outcome of this process and does not desire our involvement.
We would like to highlight that following completion of the negotiations, the ultimate decision for the acquisition of OLYMPIC will be made by the Board of Directors of MIG taking into account, inter alia, whether our initiative for the future of our national air carrier has achieved the desired political consensus and social acceptance.
Marfin Investment Group is today the largest Greek business group in the wider South East European region. It numbers in excess of 50,000 employees and associates and has a presence spanning over 40 countries.
MIG is headquartered in Greece and is listed on the Athens Exchange. 58% of its share capital is held directly or indirectly by Greek strategic, institutional and retail investors and 24% is held by international institutional investors. Dubai Group owns a c.18% stake in the company, is represented on its BoD via 3 non-executive members and has no involvement in the management of the company.
- We offer voluntarily to the State the option of renationalisation
- We wish that our initiative will be embraced by all political parties and the Greek people
In the critical and challenging economic environment that we are currently experiencing, the continuation of OLYMPIC's operations is of vital importance to the Greek tourism industry, employment, national sentiment and Greece's status in the international investment community. OLYMPIC is an inseparable part of our history, identity and everyday life and we all desire its continuing existence in order to, among other, bolster our national pride once again.
In light of the above, MIG has decided today to respond favourably to the invitation by the Interministerial Privatisation Committee and is ready to proceed to direct negotiations with the State so that OLYMPIC will continue to operate within the realms of Greek entrepreneurship. Should our negotiations reach fruition, we intend to voluntarily offer to the Greek Government the option to renationalise OLYMPIC at any point in time up until 3 months following the next general elections.
We hope that our initiative will be treated in line with our true intentions and beyond any political considerations or agendas. We are prepared to jointly participate in this process with any other robust and sound business or investment group that may wish to do so. Furthermore, we would even contemplate to withdraw from the process should another sound business entity be able to secure the successful outcome of this process and does not desire our involvement.
We would like to highlight that following completion of the negotiations, the ultimate decision for the acquisition of OLYMPIC will be made by the Board of Directors of MIG taking into account, inter alia, whether our initiative for the future of our national air carrier has achieved the desired political consensus and social acceptance.
Marfin Investment Group is today the largest Greek business group in the wider South East European region. It numbers in excess of 50,000 employees and associates and has a presence spanning over 40 countries.
MIG is headquartered in Greece and is listed on the Athens Exchange. 58% of its share capital is held directly or indirectly by Greek strategic, institutional and retail investors and 24% is held by international institutional investors. Dubai Group owns a c.18% stake in the company, is represented on its BoD via 3 non-executive members and has no involvement in the management of the company.