Aktor Construction International Ltd, a subsidiary of Aktor ATE, on Monday announced an agreement to sell 13 million shares of European Goldfileds to Qatar Holding, or 7.07 pct of the company’s equity capital, for 130 million Canadian dollars.

In an announcement to the Athens Stock Exchange, Ellaktor said Aktor’s equity stake in European Goldfields following the transaction with Qatar Holding fell to 12.2 pct and said that under the agreement Qatar Holding maintained the option to buy an additional 9,373,390 shares at a price of 13 Canadian dollars per share.

Ellaktor said the deal was necessary to facilitate funding in order to begin the first phase of a gold project in Halkidiki and to pave the way for Qatar Holding’s participationin the project as a strategic investor by offering a loan worth 600 million US dollars, while existing shareholders will offer an additional 150 million US dollars.