HCAP lists three conditions for attracting investments in state companies

Hellenic Corporation of Assets and Participations S.A. CEO Ms. Rania Ekaterinari, on Tuesday presented three conditions that state-owned companies must meet in order attract investments.

Addressing a conference organised by the American-Hellenic Chamber of Commerce, Ekaterinari stressed the need for credibility in the figures released and estimates for future trends, noting that a company cannot ask for loans without explaining its cash flows for the next three to five years. She also noted that several public and private enterprises did not have a risk management system.

A second precondition was open communication and extroversion of an enterprise while the third precondition was to implement corporate governance rules promoting transparency and internal control, she added. Organisations implementing high standards of transparency and corporate governance attract more investments, Ms Ekaterinari said.

She underlined that state-owned enterprises should be compensated for utility services offered and renew their personnel with new workers having more skills, adopting evaluation systems.

Central European countries have expressed interest in the transfer of know-how on corporate governance systems implemented by HCAP on state-owned enterprises. Ekaterinari said revenue from the exploitation of state property totaled 7.0 billion euros since 2011, of which 1.4 billion were collected in 2017. For 2018, HCAP expects revenue to reach 2.0 billion euros.