Intracom Holdings will expand to the insurance market, acquiring a majority stake in Europe Asfalistiki, for a price of 46.5 million euros. It will then proceed with its listing on the Athens Stock Exchange, through Kloukinas Lappas.
During the annual general meeting of Intracom in the presence of the sole shareholder of Europe Asfalistiki, Nikolaos Makropoulos, the founder, president and CEO of Intracom Holdings, Sokratis Kokkalis, announced the agreement which will be implemented gradually.
It is part of the transformation of Intracom Holdings from a company with production activities to an investment company, with available cash totaling 163 million euros, equity 381 million euros, total assets 489 million and loans of 57.7 million euros.
Europe Asfalistiki will be listed on the Athens Stock Exchange as a subsidiary of Europe Holdings, in which the properties of KLM and Intracom Properties (total value 118 million euros) will be transferred, two companies that are in the process of merging, while other businessmen, reportedly from the shipping sector, will also participate in the share capital increase.
Kokkalis told the shareholders that “the examination of a series of possible investments was preceded. With the acquisition of Europe Asfalistiki, the company will have a significant improvement in its results as the scope for growth in the insurance market is large.”
He added that “the Greeks do not have insurance awareness, compared to the rest of the Europeans, and at the same time the damages caused by natural disasters multiply the country’s needs for insurance coverage that comes from private capital.”
