The loans and real estate brought by the deal Masouti – SYNKA

By George Lampiris

A move that gives a strong displacement and further dynamics of expansion in the Greek market in Masoutis, is the agreement for the creation of a joint company with the cooperative supermarket of Chania, SYNKA. The extraordinary general meeting of the members – owners of corporate shares of SYNKA in Chania will be crucial, which will be called to decide on the future of this agreement. The crucial part of the general meeting process is the fact that SYNKA is a multi-shareholder company with 5,897 shareholders, each of whom holds a corporate stake. The multi-shareholding of the organization can be an important parameter for last minute upheavals.

SYNKA loans at 38 million euros

SYNKA’s total lending at the end of October amounted to 15.65 million through loans from the National Bank, Piraeus, Attica Bank and Bank of Chania, while short-term bank loans amounted to 21.99 million euros during the same period. period, where Alpha Bank, Eurobank, Pankritia and Ethniki Factors are added to the list of lenders. According to information, Masoutis will be responsible for settling all the loan obligations. Practically the total debt of the company reaches 38 million euros.

Based on the expert report implemented in the context of the split of the initial company of the “Supplier and Consumer Cooperative of Limited Liability of Consumers of Crete” and the contribution of the sector to a new subsidiary named “SYN.KA. Crete Supermarkets SA”, in which will be shared jointly with 50% and 50% by Masoutis and SYNKA.

Polakis’s meeting with the SYNKA administration

It should be noted that the agreement also acquired a political tone, given that last Friday the SYRIZA MP, Pavlos Polakis, was in Chania, where he met with the president of SYNKA, Apostolos Alexakis and the vice-president, Dimitris Alexakis. The MP stated that he would not oppose any development plan, but at the same time added that he would face any attempt to affect the cooperative nature of the company, the rights of suppliers and employees. For his part, the leader of Masouti does not appear willing to engage in any form of confrontation at the political level, considering that all the developments must move on a purely business background.

The next steps and the Competition Commission

If the spin-off of the new company is approved by the general meeting on Sunday, the notification of the plan of spin-off of the retail sector from the wholesale sector is required, as well as the acquisition of a percentage by Masouti – to the Competition Commission – a move that results in the newly formed company in which the two companies will coexist. It should be noted that the responsibility of the management of the stores in the new entity will be on the side of SYNKA. The board will reportedly include two members from SYNKA and two from Masouti.

In case everything goes smoothly, the Thessaloniki chain acquires a 50% support in Crete and consequently includes in its network the stores in Tinos as well as the former Dimitra and Markato stores in Corfu, which were acquired two years ago by SYNKA through acquisition made. In addition, the SYNKA network includes stores in Milos, Naxos, Kalymnos and Chios.

The role of the new company

The new company created through the spin-off has the right to establish and operate stores, gas stations, offices, exhibitions and any other facility and activity for the sale of any kind of product. The activity is carried out in Crete and in eight Aegean islands (Tinos, Kalymnos, Naxos, Paros, Chios, Milos, Syros, Santorini), as well as in Corfu through subsidiaries on which SYNKA holds 100% of the share capital ( Galaxias SA and Markato).

The real estate portfolio of 27 million

The new company, if the procedures are successfully completed and the shareholders give their approval next Sunday, will transfer all the assets and liabilities of the spin-off industry, including any rights, intangible assets, trademarks, claims or other assets – including real estate. , which include the central warehouse, the craft building and the SYNKA offices in the area of ​​Episkopi Agyia. It should be noted that the total value of the properties of the supermarket chain based in Chania, amounts to 27.29 million euros at the end of October 2021.