Sarantis Group on Tuesday announced an amendment to a shareholders’ agreement governing ELCA Cosmetics Ltd. in order to extend its term until June 2028. Sarantis holds 49 percent of the joint venture, with Estée Lauder Companies Inc. holding 51 percent.
ELCA is based in Cyprus and fully owns the subsidiaries Estée Lauder Hellas S.A., Estée Lauder Bulgaria Eood and Estée Lauder Romania Srl., based in Greece, Bulgaria and Romania, respectively.
The two parties also agreed to expand ELCA’s scope to include Moldova.
