OUR Piraeus pursues three goals with its movements in the MIG: firstto rescue the Anonymous Shipping Company of Crete (ANEK), which has a $77 million negative net position and is facing liquidity problems.

Secondlyto expand Attica to compete on the Cretan and Adriatic lines from the Minoan Grimaldi group and on the Cyclades from Seajets, and become one of the largest cruise lines in Europe.

Thirdlyto turn MIG into an investment company that will receive capital gains from acquired assets.

In all these three companies, especially in MIG and ANEK, Piraeus is directly or indirectly a creditor as well as a shareholder. The bank’s management said its goal is to capitalize on this triple risk as much as possible on behalf of all shareholders. Thus, on the basis of its business plan approved by the competent regulatory and supervisory authorities, its subsidiary Strix, to which it transferred all its claims from MIG, proposed to the latter’s board of directors, and it agreed, a debt swap with shares held by MIG in Attica (79 .38%). However, this requires the approval of the general meeting. Strix, which is recurringly a wholly owned subsidiary of Piraeus (to which the bank has transferred most of its non-banking assets and MIG loans), will thus become a shareholder of more than 90% of Attica’s shares (it already owns 12%). Then, under another agreement, ANEK shareholders will receive approximately 10% of the shares of the new Attica, which, based on the share exchange relationship and the value of the fleet of the two companies, is valued at more than one billion.

Finally, MIG, which will no longer have shares in the shipping company, will write off the $443 million debt and continue as an investment and holding company. He already owns in his portfolio 100% of the shares of Robne Kuce Beograd, one of the largest real estate companies in Serbia. These objects (28 shopping centers and wastelands) were estimated by American Appraisal at 200 million, and its debt is 89 million.