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Lesvos Lines buys 54% of GA Ferries

Lesvos Lines (NEL<.>) announced the purchase of 54% of GA Ferries in exchange for about…

Lesvos Lines (NEL ) announced the purchase of 54% of GA Ferries in exchange for about  8.0 billion drachmas. Makis Agoudimos of GA gets 2.5 billion drachmas in cash and 10% of the shares of Nel and will remain as GA’s chairman.
Mr. Agoudimos said changes in Greece’s coastal shipping sector are happening at such quick speeds that companies must quickly modernize fleets and management. “It was for these reasons I selected NEL as a strategic partner knowing that Anek Lines (one of Greece’s fastest growing ferry lines) holds 20% of Nel.”
GA Ferries has a fleet of six vessels that ply the Dodecanissos routes. The company expects to accept delivery of a 3-year-old fast ferry in six weeks, which will be placed on Cyclade Islands routes, and says it will order new vessels to replace older ones on the Dodecanissos routes.
Last year, GA posted a pre-tax profit of 1.9 billion drachmas on revenue of 8.1 billion drachmas.
For 1999, Mr. Agoudimos expects pre-tax profit to increase to 1.2 billion drachmas.

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