Final decisions on the possible acquisition by ELPE (Hellenic Petroleum) of a 35-hectare expanse owned by EAS (Hellenic Defense Systems) in Elefsina, west of Athens, are expected at the end of this month or the beginning of November, pundits believe.
An evaluation to determine the market value of the expanse, previously owned by Greek military defense systems supplier Pyrkal, now incorporated into EAS, is expected to be finalized during this time.
Greece’s finance ministry, the main shareholder at EAS, commissioned the evaluation, whose results are due by the end of this month. If favorable, EAS, urgently seeking a cash injection to cover tax and social security fund commitments, will hold a general shareholders meeting to approve the expanse’s sale to ELPE.
The petroleum company wants to develop the unitilized property, whose grounds include an old Pyrkal factory. EAS currently employs 350 persons after shedding jobs.
A previous evaluation of the property had put its market value at 21 million euros. Barring any unexpected developments, a similar figure is expected to be delivered by the current evaluation.