Greek sugar producer Hellenic Sugar Industry said it has finalised negotiations on the purchase of a 70% stake in Serbian Crvenka sugar plant for €3m (US$3.23m).

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The two companies are to sign a final buyout contract in the next few days, reported the Greek News Digest.

Hellenic Sugar plans to invest €7.83m in the Crvenka plant, funded by capital increase operations. Production at the plant is expected to reach 70,000 tonnes of sugar in 2003, compared with nearly 57,000 tonnes in 2002.

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