Attica Holdings Sells Its Shares Of Hellenic Seaways

Attica Holdings (Superfast and Blue Star Ferries) last month announced the sale of 9.6m shares, or 12.3% of the share capital, of Hellenic Seaways, to Amadeus Navigation in return for 21m euros, which amounts to 2.20 euros per share. These shares represent the total investment of Attica in Hellenic Seaways held since January 2005.

Hellenic Seaways, a subsidiary of Minoan Lines and Amadeus Navigation, belongs to ship owner Panos Laskaridis, the vice president of Hellenic Seaways. Attica sold its shares at 2.20 euro each, a substantial increase from the 1.50 euro per share purchase price in early 2005.

Attica’s profit from the sale was about 7.5 million euro. Mr. Laskaridi now controls just over 17% of Hellenic Seaways and also has a 5,2% in Minoan Lines.  Together, Mr. Laskaridis and Minoan Lines control about 53% of Hellenic Seaways.