AKTOR’s Chairman and CEO, Alexandros Exarchou, referred to the contribution of the Athens Stock Exchange to the development of the Group in recent years.
The statements were made during a discussion with the CEO of the Athens Stock Exchange Group (ATHEX), Yiannos Kontopoulos.
Exarchou highlighted “the tectonic changes that have taken place in the AKTOR Group in recent years, such as the fivefold increase in capitalization, the explosion of turnover and the tenfold increase in personnel and projects under execution”, noting that thanks to the Stock Exchange, all this value was clearly reflected in the market. He also praised the importance of the operation of institutions, such as the Athens Stock Exchange and the Capital Market Commission, as the obligations they impose lead to greater transparency of data, objectives and the course of listed companies. “Capitalization also reflects the market’s expectations for the future,” he noted and commented on the positive role of the Stock Exchange for the economy and shareholders in general.
The Stock Exchange’s contribution to public limited companies
Exarchou emphasized that the AKTOR Group has raised 300 million euros from the Stock Exchange over the last years through two significant public limited companies, which have not only been a catalyst for the Group’s growth, but also currently allow the company to proceed with the implementation of investments of 2 billion euros and negotiate the acquisition of significant assets.
“Without these,” he added, “the Group would not be in a position to be in exclusive negotiations today for the acquisition of AKTOR Concessions and pointed out that in both public limited companies, more than half of the new capital was raised not from the main shareholders, but from investors.”
He noted that never in the past had funds of this size been raised in the construction sector of Greece. This happened, he explained, because the market has confirmed the good progress and expectations of the AKTOR Group’s plan, commenting that the unwavering goal is to increase the Group’s share value.
The course of investments
Referring to the Group’s investment plan, Exarchou noted that the AKTOR Group is growing at a rapid pace, capitalizing on the very positive situation of the Greek economy and the perception that it is currently considered the fastest growing economy in Europe, which has generated significant investment interest in the country. In fact, he commented that despite the geopolitical turmoil, he has been impressed by the mobilization of foreign capital for investments in Greece.
The head of the AKTOR Group noted that the acquisition of a portfolio of prime real estate from Prodea is underway and the financial model of the transaction has been agreed, supported by equity and debt, which has been secured by a large foreign investment fund. Accordingly, the acquisition of a significant portfolio of RES projects is about to be completed, which will be supported by a mix of financing that includes bank lending and capital from foreign investors, whose interest, as he emphasized, was stronger than initially estimated.
The 5th banking pillar
Exarchou, in his capacity as Partner of Thrivest Holdings, also spoke about the investment in the 5th banking pillar and as he explained, at the time when Thrivest was promoting its participation initially in Pancreta Bank and then in Attica Bank, the two banks were in an extremely difficult position.
However, Thrivest understood that the development of the Greek economy could not proceed only through the 4 systemic banks, which due to their size had difficulty monitoring the development of the economy. It was common knowledge the state would not leave Pancreta and Attica Bank at risk, as the impact on the economy would be extensive. Thus, it intensified investment in the 5th banking pillar under the term that the conditions would be created for the complete consolidation of the banking system, which took the form of “Hercules 3”, resolving the problem of non-performing loans of the two banks.
This combination allowed the new Attica Bank, Exarchou continued, to make a new start, having minimal non-performing loans, zero deferred tax, a relatively good size, capital adequacy and a strong net worth that will allow it to serve the needs of Small and Medium Enterprises – the backbone of the economy – which currently have difficulty securing access to credit from systemic banks.
ANA-MPA
