MYTILINEOS HOLDINGS S.A. and Fairfax Financial Holdings Limited are stepping up their cooperation through the increase of the stake that Fairfax holds in the share capital of MYTILINEOS Group. As of 18 October 2013, the interest held by Fairfax in MYTILINEOS Group stands at 5.02%, making Fairfax the third largest MYTILINEOS Group shareholder.
This alliance is expected to also be demonstrated by the representation of Fairfax in MYTILINEOS Group΄s Board of Directors. Mr. Wade Burton, Vice President and Portfolio Manager and Member of the Investment Committee in Hamblin Watsa Investment Counsel Ltd., a Fairfax subsidiary, will be appointed as an Independent Member to the Board of Directors of MYTILINEOS Group. Correspondingly, Mr. Dimitris Papadopoulos, Executive Director Corporate Affairs of MYTILINEOS Group, will be appointed Independent Member as one of Fairfax’s representatives to the Board of Directors of Eurobank Properties Real Estate Investment Company.
Fairfax΄s Chairman and CEO, Mr. Prem Watsa made the following statement: “Under the leadership of Greek Prime Minister Antonis Samaras, we continue to support Greece and believe that the country continues to make great strides towards addressing the key areas of its economy, thus encouraging foreign investment and creating a positive momentum that will foster increased employment and infrastructure development. Within this context, we have decided to strengthen our alliance with Evangelos Mytilineos, Chairman and CEO of MYTILINEOS Group, one of the most prominent industrial groups in Greece and the region. We believe MYTILINEOS Group, under the leadership of Evangelos Mytilineos’, to be one of the best run companies in the heavy industries sector and that they will continue to be a key player in the development of the Greek economy and its infrastructure. ”
(source: Capital)
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