FRIGOGLASS S.A.I.C. announces that today December 15th 2005, it reached an agreement for the sale of its shareholding in V.P.I. S.A., i.e. 421,260 shares corresponding to 51% of the share capital, to Selenis Hellas S.A.. Selenis Hellas S.A. is a Greek subsidiary of the Portuguese company Selenis S.G.P.S. S.A., which is one of the leading European producers of Pet resin and part of the Imatosgil Investimentos Group. The purchase price for the shares amounts to euro 15,000,000. euro 12,000,000 will be paid upon completion of the transaction, while payment of the balance (amounting to euro 3,000,000) is linked to V.P.I.'s sales remaining at their present level and will take place in three equal annual installments until January 2009. The completion of the transaction is subject to the approval of the Minister of Economy and Finance, given that V.P.I. S.A. has received state subsidies under Law 1892/1990. The shares in V.P.I. S.A. will be transferred as soon as the above approval is issued. The sale of V.P.I. S.A. shares is consistent with the FRIGOGLASS GROUP strategy to focus on its core business on Ice Cold Merchandisers.