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NEL plans share capital increase

Shareholders in the Lesvos Maritime Company (NEL<.>) are set to decide on a planned share capital increase of…

Shareholders in the Lesvos Maritime Company (NEL<.>) are set to decide on a planned share capital increase of 23 billion drachmas at their June 25 general meeting along with a number of other issues.

NEL hopes to fund the buyout of Med Link Lines as well as the upgrade of its fleet through the share capital increase. The company will also discuss its intentions to purchase a stake in other firms.

NEL has a fleet of six vessels which service the northeastern Aegean and the Cyclades. It recently took delivery of the mono-hull highspeed ferry Eolos Express, which can carry 1,000 passengers and 210 passenger vehicles, and is due to receive another two similar vessels which will operate in the Cyclades, the northern Aegean and the Sporades.

Total turnover for 1999 was 10.13 billion drachmas, up from 9.05 billion drachmas in 1998.

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