Kri-Kri says fire damage cost to reach 18.75 mln euros
The Athens Stock Exchange on Tuesday lifted the suspension of trading in the shares of Kri-Kri after the listed company offered details over the financial cost of a fire that severely damaged its dairy production unit in Serres.
Kri-Kri, in an announcement said that according to an initial estimate, the cost of the damage was 18.75 million euros. The company said that the facilities were adequately insured and that no extra burden on its financial results was expected. Kri-Kri said insurance compensation process was expected to be completed during the year.
The company said that a business plan aimed at reconstructing the factory has already been drafted and that full restoration of dairy production was expected within the year. The new investment will be funded with existing cash. Kri-Kri said it has already signed agreements to cover its dairy production with third parties' production units to continue the smooth supply of the domestic and foreign markets.