The three placements of the Hellenic Republic Asset Development Fund (Helleniq Energy, EYDAP, EYATH), expected to take place by the end of the year, have been transferred to 2025.
This development is attributed to the draft budget regarding the privatizations in which the Greek State participates through the Fund.
More specifically, the participation of the Greek State in Helleniq Energy amounts to 30% and corresponds to a value of 626 million euros based on the current capitalization (2.087 billion euros). The placement will be done in collaboration with the second main shareholder, Paneuropean, interests of the Spyros and Marianna Latsis family, as happened at the end of 2023. At that time the two shareholders sold 11% of the company, according to their participation in the company.
The placement of the two listed water utilities, EYDAP and EYATH, will also proceed in order to improve the marketability of the shares, in accordance with the new regulation of the Stock Exchange that will be effective from March 2025. The HRADF owns 11.3% in EYDAP, which corresponds to 68.25 million euros, based on current capitalization. Its participation in EYATH amounts to 24.02% of the company’s shares and corresponds to 28.41 million euros. After the completion of the two placements, the Greek State will continue to be the main shareholder with a percentage of 50% plus one share.
Capital increases
Investors expect the 735-million-euro share capital increase of the Attica Bank to have been completed by the end of the year, that is in the next 43 trading sessions so as that the absorption of the Pancreta is concluded and the new bank is ready as of January 1, 2025.
The merger of the listed Kloukinas-Lappas and Intracom Properties is also in the final stretch, while the placements in Attica Holdings and Trade Estates are awaited. In particular, the main shareholder in Trade Estates, Vassilis Fourlis, has spoken about the disengagement from the Fourlis group notifying that a percentage of 13%-14% of Trade Estates will be sold through private placement by the end of 2024, adding that until the free float increase is completed, the company will not proceed with the purchase of own shares.
