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Hyatt Regency to list on Athens Exchange

Hyatt<.> Regency Hotels and Tourism (Thessaloniki) SA is to begin an initial public offering (IPO) on August 31 for entry into the Athens bourse`s main market. The company is seeking to tap the market for 7.0 billion drachmas through the issue of one million shares at 7,000 drachmas each.
Its main shareholder, Hellenic Casinos Company, says it will sell 3.5 million shares in a public offer and another 225,000 shares to staff through a private placement, also at 7,000 drachmas per share.
Hyatt Regency says it will use the IPO proceeds to pay off bank loans, install 211 new slot machines at its Thessaloniki casino, and boost operating capital. The company owns the casino and the Hyatt Regency Thessaloniki, a luxury hotel that opened in April.
The casino, the firm`s main source of revenue, reported pre-tax profits of 5.6 billion drachmas in the first half of the year, more than double the previous year`s figure for the same period. Hyatt invested 43 billion drachmas in northern Greece.
Immediate expansion plans include the construction of a new luxury hotel in Athens, next to the Olympic Stadium.

Hyatt<.> Regency Hotels and Tourism (Thessaloniki) SA is to begin an initial public offering (IPO) on August 31 for entry into the Athens bourse`s main market. The company is seeking to tap the market for 7.0 billion drachmas through the issue of one million shares at 7,000 drachmas each.

Its main shareholder, Hellenic Casinos Company, says it will sell 3.5 million shares in a public offer and another 225,000 shares to staff through a private placement, also at 7,000 drachmas per share.

Hyatt Regency says it will use the IPO proceeds to pay off bank loans, install 211 new slot machines at its Thessaloniki casino, and boost operating capital. The company owns the casino and the Hyatt Regency Thessaloniki, a luxury hotel that opened in April.

The casino, the firm`s main source of revenue, reported pre-tax profits of 5.6 billion drachmas in the first half of the year, more than double the previous year`s figure for the same period. Hyatt invested 43 billion drachmas in northern Greece.

Immediate expansion plans include the construction of a new luxury hotel in Athens, next to the Olympic Stadium.

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