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Sani AE applies for bourse listing

Boosted by a doubling of profits in 1999, from 307 million drachmas in 1998 to 630 million drachmas last year, Sani<.> AE has applied for listing…

Boosted by a doubling of profits in 1999, from 307 million drachmas in 1998 to 630 million drachmas last year, Sani<.> AE has applied for listing on the Athens stock exchange.

The hotel group intends to raise 500 million drachmas in share capital, a modest amount considering the company`s size.

According to Sani AE`s plans, the firm does not intend to make short-term investment plans but to direct the capital into major projects.

Among other plans in the pipeline, Sani intends to construct a marina at Porto Sani catering to 207 yachts at a cost of 1.27 billion drachmas. It is also proceeding towards the establishment of a 750-million drachma thalassotherapy centre close to its Porto Sani hotel as well as a 400-million drachma indoor pool at the firm`s Sani Beach Hotel. An amount of two billion drachmas will be set aside for the buyout of Kassandra Tourist Enterprises AE, which belongs to the Andreadis and Zissiadis families. The latter company operated the old Sani camping grounds and was bought out by Sani AE at the end of 1999 at a cost of 2.2 billion drachmas.

Finally, 1.3 billion drachmas will be used to pay off short-and medium-term loans taken out by Sani AE.

In 2001, the company intends to begin a five-billion drachma upgrading – still in its planning stage – of a 500-room hotel unit on the former camping grounds.

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