Helios bought for EUR 145 million - Slovenia sells first company as part of privatization process

Slovenia signed an agreement on October 16th to sell Helios, the first of the 15 state-owned companies designated for privatization, in a bid to secure much needed funds.

A consortium of mainly state shareholders sold 73 percent of shares in the paint manufacturer Helios to Austria's Ring International Holding, AFP reports.

RIH agreed to pay EUR 520 per share, thus estimating the value of Ljubljana-based paint factory at EUR 145 million, Slovenia's daily newspaper Finance writes.

Helios, a leading paint manufacturer in southeast Europe with 2,300 employees, turned a net profit of EUR 4.4 million last year, up from EUR 1.34 million in 2011.