Privatization fund receives one binding offer for Larco

Greece’s privatization agency, the Hellenic Republic Asset Development Fund (HRADF), on Friday announced that it has received one binding offer for the long-term leasing of Greek state assets managed by the under-receivership ferro-nickel production company Larco.

The binding bid was tabled by a consortium comprised of Athens-based and ATHEX-listed GEK Terna group and AD Holdings AG.

The assets include the Larymna mine and related mining rights, a plant in Larymna, located on the eastern coast of south-central Greece, infrastructure and equipment as well as related land.

HRADF said the fund’s board of directors will immediately begin the process of evaluating the bid.

The center-right Mitsotakis government has repeatedly pledged to finalize the privatization of the metals producer, one of the biggest of its kind in Europe, but also burdened by past debts and loss-making annual results.

Conversely, much of the political opposition has aired charges of a “sell-off” and the loss of a major public sector asset.