The first few months of 2020 will be decisive for eight listed companies on the Athens Stock Exchange (ASE), with the entry of a “strategic investor”, decisions by creditor banks or share capital increases determining their future operation, naftemporiki.gr reports.
The enterprises in question include Yalco, a major restaurant and hotel equipment supplier, which must find an investor after failing to meet obligations after a 2016 debt restructuring deal. A bankruptcy hearing has already taken place, as the company over the past few years apparent missed the high end of the ongoing “tourism curve”.
SIDMA- Bitros Holdings S.A., on the other hand, will conclude a merger in the start of 2020, with executives of the former optimistic that the prospect will reverse the latter mining company’s negative equity, as well as restoring profitability of both entities through restructuring, the economy of scale and cost-cutting.
January 2020 is expected to witness the conclusion of the sale of debt-ridden Forthnet to the well-known shipowner and entrepreneur Vangelis Marinakis’ Alter Ego group. Forthnet controls Nova, one of two terrestrial television subscriber services in the country.
Alter Ego was the sole interested party with which Forthnet’s creditor banks negotiated, having first rejected a joint offer by Vodafone and Wind, two out of the three mobile phone operators in Greece. Another offer by an investment fund was rejected by the banks, as were proposals tabled by Forthnet’s shareholders of Greek and foreign schemes.
Meanwhile, the Swedish group, controlled by manager Ilias Georgiadis, is looming as the “white knight” for Pasal Development. The former stands to purchase 50 percent of the listed real estate developer via a share capital increase in the coming months. Sterner Stenhus will reportedly sink 23 million euros to acquire half of Pasal. Among others, exploiting Pasal’s portfolio of properties and transferring the centrally located Athens Heart mall to the US group Hines is the plan for the Swedish group.
Aluminum producer Alumil is set to conclude a merger, by absorption of rival Aloufont.
Construction contractor Avax, meanwhile, is eyeing a share capital increase for months now, waiting for a go-ahead by the capital market commission, something set in the first months of 2020.
Finally, Technical Olympic will kick-off the process for selling-off its Porto Carras resort in Sithonia, Halkidiki prefecture, to a group led by Russian-Greek investor Ivan Savvidis. According to reports, the transaction will exceed 200 million euros.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
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