KALO & ASSOCIATES Advise Societe Generale S.A. on the Sale of its Majority Stake in SGAL

SEE Legal's Albanian member acted as local counsel to Societe Generale S.A. on the sale of its majority stake in Société Générale Albania (SGAL) to OTP Bank.  With a market share of nearly 6%, SGAL is the 5th largest bank on the Albanian banking market, active in both retail and corporate segment. The closing of the transaction is expected to take place in the coming months, subject to receipt of clearances from the relevant banking and antitrust authorities, and relevant third party consents. KALO & ASSOCIATES' team was led by partner Aigest Milo.

Prospective Share Sale of EPCG

The Government of Montenegro is considering the sale of an unknown percentage of shares in Elektroprivreda Crna Gora (EPCG). EPCG is the state-owned producer and distributor of electricity in Montenegro. The date of sale and the asking price are yet to be revealed.

Sale of Luka Novi Sad

The Republic of Serbia is expected to announce the sale of Luka Novi Sad (Novi Sad port). The target is the only remaining state-owned port in Serbia that was previously under radar of 12 local and foreign companies which officially submitted letters of interest in the past. The asking price remains unknown.

KALO & ASSOCIATES Advised Transcom

K&A’s team, led by Partner Aigest Milo, advised Transcom Holding AB (”Transcom”), the global customer experience specialist, in its expansion in Albania. Transcom has signed an asset transfer agreement to take over a site in Durres, Albania, currently operated by Transcom’s partner. The site in Durres has been delivering services to Transcom clients since 2013. For Transcom, taking over the site with over 500 highly qualified multilingual employees, will strengthen Transcom’s European nearshore and multilingual services. “No matter where in the world our clients’ customers are,…

TAB Looking for a New Buyer

A successful Slovenian battery manufacturer Tovarna Akumulatorskih Baterij (TAB) has recently been in serious negotiations regarding the sale of the company to the South African company Metair Investments. In August it was reported that the Metair’s EUR 300 million bid has been dropped because of the depreciating rand. Unofficially, the owners of TAB will be looking for a new buyer. TAB is producing a wide range of lead acid flooded, VRLA AGM and VRLA Gel batteries in three modern factories with approximately 1,300 employees. They have after-market automotive battery manufacturing facilities…

BDK Advises the Shareholders of Frame on the Sale to Nutanix

US-based Nutanix has signed definitive agreements to buy US-based company Mainframe2 Inc, known as Frame. SEE Legal's Serbian member, BDK Advokati, is proud to have been a part of the legal team led by Orrick that advised Frame on this deal. Frame is a cloud-based Windows desktop and application delivery leader, founded in 2012 in US by Serbian entrepreneur Nikola Bozinovic. The company has a subsidiary in Serbia with locations in Niš and Belgrade. Nutanix is a cloud computing software company that went public in 2016 and is valued today at USD 9 billion. The combination will allow the companies…

Sale of PKB Korporacija

The Republic of Serbia has announced the sale of PKB Korporacija. The target is one of the major companies in farming, agriculture and food production in Serbia. The Informative Memorandum is available on the website of the Ministry of Economy of Republic of Serbia: http://www.priv.rs/Javni-pozivi/12306/Javni-poziv-za-PKB-Korporaciju-ad-Padinska-Skela.shtml. The minimum price for the sale of 100% of the registered capital of PKB Korporacija is EUR 104.5 million. According to the Ministry of Economy, the estimated market price of the assets as of 31 December 2017 was EUR 208,463,139.86. The sale…

Sale of Obod’s Property

The management of Obod (under bankruptcy) has announced the sale of the company's property. The company is one of the major producers of home appliances in former Yugoslavia. The minimum asking price is set at EUR 2.75 million. Interested parties should submit their offer before 11 September 2018.

KG Law Firm Advises on Financing of the Acquisition of Sbokos Hotel Group

Kyriakides Georgopoulos Law Firm advised Alpha Bank in relation to the financing of the acquisition of Golf Residencies SA owning and operating five major luxury hotels and resorts mainly in Crete belonging to the Sbokos Hotel Group. The acquisition was led by the Vassilakis Group in cooperation with part of the existing shareholders of the Group who retained both their stake and the management of the hotel operations. This deal gave SEE Legal's Greek member the opportunity to assist Alpha Bank once again in a highly demanding and time sensitive transaction, this time leading to a landmark project…

KDK law firm awarded CEE Legal Matters 2017 Deal Of The Year Turkey award

Kolcuoglu Demirkan Kocakli Law Firm is the winner of the prestigious 2017 Deal Of The Year for Turkey award by CEE Legal Matters for its great success in Vitol Acquisition of Petrol Ofisi. In addition to the target’s size and significance for Turkey, this landmark deal is the largest transaction in the Turkish market within the last five years, with a total value for USD 1.45 billion.  The Firm thanks its colleagues from Hengeler Mueller and the KDK team who contributed in this success.

The Long-awaited Reform of the Greek Law on Sociétés Anonymes

It has been common ground that the legislative framework on sociétés anonymes (SAs) originally legislated back in 1920, has been, despite the various reforms since then, to some extent dysfunctional and “old-fashioned”. The limited and fragmental reform to the C.L. 2190/1920 in 2007 through Law 3604/2007 as well as a number of other amendments effected mainly for the purposes of transposing into the Greek jurisdiction company law related EU Directives were not proven sufficient to redress the above. Law 4548/2018, which was passed by the Hellenic Parliament on June 13, 2018 and was published…

Greek Law 4541/2018 brings changes to the legal framework of Limited Liability Companies

By virtue of Law 4541/2018, which has recently passed by the Greek Parliament and was entered into force upon its publication in the Government Gazette on 31.05.2018 (Bulletin A' 93), a number of significant changes are introduced in Law 3190/1955 on Limited Liability Companies (“L.L.C.”). KG Law Firm has prepared a summary of the most important amendments that the new law brings into the legal regime of L.L.C., which can be downloaded here.