Preferred Investor Withdraws Interest in LARCO; Ministry Responds

The preferred investor for LARCO's assets and mining rights, including the metallurgical facility in Larymna, has withdrawn its interest, citing unfavourable conditions in the global energy and metals markets, especially for nickel products, and ongoing legal issues.

This was communicated in a letter to relevant Greek ministries on Friday.

In a statement on Monday, the Ministry of National Economy & Finance announced that GEK Terna and AD Holdings had notified the Hellenic Republic Asset Development Fund (HRADF) of their decision, leading to the cancellation of the tender for LARCO's assets.

The ministry emphasised that this development disproves claims of the selloff of an enterprise with hidden profits and great value, as the lack of sustained investment interest has shown.

The government and HRADF will review and potentially redesign the transaction structure to announce a new auction, aiming to find a viable solution with reliable private investors that will secure a future for current staff.