The owner of Vivartia, Greece's largest food group, has decided to sell 12% of the company through a public share offer.

Marfin Investment Group (MIG), the investment fund, is to sell the shares for at least EUR25 (US$36) each.

Vivartia MD Spyros Theodoropoulos has decided to up his stake in the business to just over 6.1%.

Saudi conglomerate Olayan Group has also moves to buy just under 2% of Vivartia, formed last year with the merger of dairy group Delta Holdings and snacks maker Chipita International.

MIG first bought a stake in Vivartia in July and snapped more shares throughout August. By selling a minority stake in Vivartia, MIG can keep the company listed on the Athens Stock Exchange and raise funds for expansion.