Creta Farms: 20 million euros investment by strategic investor

The 20 million euros investment in Creta Farms by the strategic investor, Mr Dimitris Vitzileos, has been completed, as provided for in the restructuring agreement, according to today’s announcement.

It should be noted that already at the time of the conclusion of the Creta Farms restructuring agreement, the first phase of the 15 million euros investment had already been carried out by the shareholder “Bella Bulgaria SA”.

Now, the second phase of the investment has been completed, with a cash payment of a total amount of 5 million euros, through an equal increase in share capital. The entire amount of the share capital increase was undertaken and covered by the shareholder “Bella Bulgaria SA”, in the interest of Mr Dimitros Vitzileos. Following this increase, the share capital of the company amounts to 21,610,137 euros and is divided into 7,203,379 common nominal shares with voting rights, each with a nominal value of 3.00 euros

According to the relevant announcement, “the successful completion of the investment of 20 million euros seals the development investment plan of Dimitris Vitzileos for Creta Farms, which recorded significant financial performance in 2021, confirming its leading position in the Greek charcuterie market. The company, with the support of strategic investor Dimitris Vitzileos, has recovered dynamically in just two years and is recording positive financial results already in 2021, results that under the restructuring plan were forecasted for the fourth year after the agreement, i.e. 2023.”

It is also stressed that Creta Farms has made strategic investments in new technologies, on the one hand, and in human resources, on the other hand, currently employing 663 people. Accordingly, investments by the new management of the company amount to 5.5 million euros to date, aiming to modernize and upgrade the facilities with the addition of new technologies and production capabilities. Through these investments, which will continue into 2022, Creta Farms aims to further develop its business in the Greek market and strengthen its exports.