AFENDIS AND DAVIDSON KEMPNER, NEW MAJORITY OWNERS OF CEREALTO SIRO FOODS

Transfer of ownership to the global investment firms, who have put the Company on a sound financial footing after settling the debt with financial institutions, has been completed.

Today, on 29 June, the majority shareholder of Cerealto Siro Foods (“Cerealto Siro” or “the Company”), Juan Manuel González Serna, the Company’s creditors, as well as investment firms Afendis Capital Management (“Afendis”) and Davidson Kempner Capital Management LP (“Davidson Kempner”) have signed the Definitive Agreement, which concluded share transfer to the investment firms and capitalizing the Company’s balance sheet.

Afendis and Davidson Kempner taking control of the Company marks the beginning of a new chapter of financial stability for Cerealto Siro as a well-capitalized business with tremendous growth outlook leveraging worldwide client relationships and product capabilities of the Company.

“Today, we are opening a new chapter at Cerealto Siro Foods that ensures the continuity of the business, which has been our priority all along. My sincere gratitude goes out to all the collaborators who have made this possible, to the clients and suppliers who have continued to support us and to the institutions that have been involved and facilitated the closing of the transaction”, Juan Manuel González-Serna, founder of Cerealto Siro Foods, said.

“We are fully convinced about the strategic potential of Cerealto Siro Foods. Cerealto Siro has very strong global customer relationships and is poised to become the preeminent supplier for retailers and branded manufacturers worldwide. We will dedicate our resources and industry experience to step change the Company’s competitiveness and to build on its primary strengths of dedicated human resources and R&D capabilities.”, Dr Cem Karakas, Executive Chairman of Cerealto Siro, added.