E.I. Papadopoulos is proceeding with an internal restructuring, initiating a merger by absorption of I.K.E. Akiniata S.A., the company that owns and manages the group’s real estate assets.
According to the merger agreement and the valuation report filed with the General Commercial Registry (GEMI) yesterday, June 30, the absorbed company owns three key properties in Tavros, with a total fair value of 28.55 million euros.
These include the industrial complex at 26 Petrou Ralli Street, which houses the manufacturing operations of Papadopoulou Biscuits, two auxiliary buildings within the same city block, and another commercial property at 55 Agia Anna Street. The value of the land was appraised at 16.53 million euros, and that of the buildings at 12.01 million euros.
The net worth of I.K.E. Real Estate was determined to be 20.88 million euros, while its total assets amount to 29.16 million euros. In addition to real estate, it holds cash and cash equivalents of approximately 221,000 euros and trade receivables of 394,000 euros, while its total liabilities amount to 8.28 million euros, of which 7.7 million euros relate to bond loans.
As part of the merger, Papadopoulou’s share capital will increase by 4.717 million euros through the issuance of 235,870 new common shares, bringing the total share capital to 15.217 million euros. The difference between the valued net worth and the nominal capital increase, amounting to 16.17 million euros, will be transferred to the share premium reserve.
According to management, the merger aims to simplify the corporate structure, reduce administrative and operating costs, manage real estate more effectively, and consolidate the real estate portfolio with the company that already uses the facilities for its industrial operations. Upon completion of the process, I.K.E. Real Estate will be dissolved without entering into liquidation, and all of its assets and liabilities will be automatically transferred to Papadopoulou.