The most prominent privatizations in Greece over the coming period involve a further listing of HelleniQ Energy (formerly Hellenic Petroleum) shares on the Athens Stock Exchange (ATHEX) and the long-awaited floating of an Athens International Airport stake on the same bourse’s “big board”.
Both high-profile initiatives are part of the Greek privatization agency’s (HRADF) previously announced plan to better exploit Greek state assets in its portfolio.
According to reports, the latest tranche of HelleniQ shares will be listed on ATHEX by the end of the year, thereby increasing the already traded petrochemical concern’s free float percentage. The refinery group’s biggest shareholders today are Paneuropean Oil & Industrial Holdings (controlled by the Latsis group), with a 47.12-percent stake The Hellenic Republic Asset Development Fund, as the privatization agency is officially called, retains 35.48 percent of the shares. Roughly 8 percent of HelleniQ shares are traded on ATHEX.
The stated intent is to lure institutional investors into purchasing major blocs of HelleniQ stock, with the two major shareholders reportedly eyeing the floating of an addition 12 percent (of the total) The ratio for selling-off shares is 6 to 4, between the first and second major shareholders.
The other major prospect is the flotation of Athens International Airport (AIA) shares on ATHEX, representing 20 percent of total shares. AIA is the company that owns the share capital of the Eleftherios Venizelos Airport of Athens.
According to reports, an information bulletin is in the process of being composed, one based on the nine-month results of 2023.
Forecasts point to a value of 800 to 850 million euros for 20 percent of AIA’s shares.
Finally, HRADF is continuing preparations for the privatization of port authority organizations in its portfolio, with a 67-percent stake of the port of Lavrio – southeast of the greater Athens-Piraeus area – on the tender block