The signing of an agreement between the Chinese giant Fosun Group and Σellas Clinicals Holding, a Swiss based clinical research company with Greek interests, will provide for the influx of hundreds of millions of Euros for clinical research in Greece. The deal was signed in Athens on October 23, 2013.
Σellas purchased two drug molecules for the treatment of cancer and diabetes from the Chinese pharmaceutical Shanghai Fosun Pharmaceutical (member of Fosun International, one of the largest Chinese group companies).
As Reuters reports, the global rights to the two chemical molecules purchased by Σellas were held by Chongqing, a subsidiary of the Chinese group. The cancer molecule concerns the treatment of cancerous tumours in the lungs and chest. Σellas will use both chemical molecules for the development of anticancer therapies and clinical trials.
Based on the development and progress of the trials, the payout agreement will be given in three stages. Moreover, Fosun Pharmaceutical, according to the agreement, will have 10% rights on the sales and 3% stake in the shares of Σellas, if the company can obtain approval for the marketing of the products based on these two molecules in the USA and Europe.
The agreement reinforces the confidence of Fosun in Greece, as it is already a strategic partner of the Folli Follie Group, with Fosun International Holdings controlling 13.4% stake of the Greek company.
Σellas implements a number of innovative clinical and therapeutic protocols which enable patients to cope with a wide range of diseases. Σellas was founded by Angelos Stergiou and its central offices are located in Zurich, Switzerland. It also has offices in Athens.
October 24, 2013
Chinese-owned COSCO subsidiary Piraeus Container Terminal (PCT) and Piraeus Port Organisation (OLP) have reached an agreement in principle for an additional investment of 230 million Euro ($308.9 million) at Piraeus, Greece's largest port, Greek Shipping Minister Miltiades Varvitsiotis announced on November 12.
The deal, which had been under negotiation from June, paves the way for the construction of OLP's West Pier Container Terminal III and upgrade of Pier II by PCT, as well as the construction of a new oil pier on Container Terminal III.
According to the new agreement, PCT will no longer be subjected to the guaranteed minimum payment until the date the Western Part of Pier III enters into operation and in any event until Greece's GDP returns to the level of 2008 plus a compounded increase of 2% per annum.
"The agreement seals the transition of the Port of Piraeus into a new era, as this is the largest investment in crisis-stricken Greece," Minister Varvitsiotis said.
He said that the new investment will create a further 700 new job positions directly and some 1,500 indirectly in the country suffering from high unemployment rates over the past three years and from deep recession.
The principle of the new deal has already been ratified by the two companies' boards of directors and the deal needs to be approved by the Greek Parliament before coming into force.
With the expansion of PCT's activity, the total worth of COSCO's investments to the port will reach 500 million Euro and Piraeus will have in the coming years the capacity to handle up to 6.2 million TEUs per year, three times the 2.1 million TEUs handled by PCT in 2012.
Under a 35-year concession agreement, PCT launched operations in the country at Pier II of Piraeus port in 2009 with a plan to turn it into a leading container terminal in the Mediterranean Sea region and ever since has built Pier III and posted remarkable results.
Statistics from the Containerisation International magazine show that Piraeus was placed first in 2011 and 2012 among the world's 100 major container ports in terms of the traffic increase. Officials from PCT said this is one of the main reasons for the company to increase its investment in Greece.
The company currently employs about 1,000 Greeks in its facilities at Piraeus port.
According to a recent study by the Greek National Bank, the concession of Pier II at Piraeus to COSCO and the steps taken after this will lead to the boost of GDP by 2.5% by 2018 and the creation of about 125,000 new job positions in the area.
November 13, 2013
GECX (Global Energy & Commodities Exchange), a subsidiary of Al Rajhi Group Holdings, launched its presence in Greece with the opening of offices in Thessaloniki, giving a vote of confidence in the Greek economy.
GECX is based in Geneva and has offices in Dubai, London, Milan and customers throughout Europe and the Middle East. The company has been active since 2009 in the field of energy, petroleum, sugar, grains and metals and aims to become one of the leading players in the fields of physical commodities and financial market brokering in the Mediterranean region—and Europe.
Al Rajhi has extensive interests in real estate, building solutions, direct investments, financial services and commodities, and owns Al Rajhi Bank, the largest bank in the Islamic world.
GECX’s Abdulkarim Al Rajhi confirmed the company’s interest in companies that market, produce and sell commodities (oil, metals, and soft commodities) in Greece, Italy and Turkey, and actively seek business partnerships and agreements. The company’s ultimate goal is to purchase from Greece and the Balkans and sell through its international network.
Despite its financial challenges, the Greek market is seen to present significant business opportunities and is evolving as a strategic focal point in producing, marketing and reselling raw materials in the region.
Argos Spa, which acts as the fiduciary of Italy’s Fabio Maria Mateo Granma and Paulo Bergkamasi, has acquired a 10% stake in Greece’s Sarantis SA. Sarantis manufactures and markets fragrances, cosmetics and a wide variety of household products. The Italian group bought the 10% stake from Fairfax Financial Holdings and it is expected that it will acquire a larger share.
Both the Greek company and the Italian group are active internationally, signalling further moves to gain market share.
October 13, 2013