According to what Mr. Efthymios Bouloutas, CEO of Ellactor, said during the General Assembly, the agreement is expected to be completed at the end of 2023.
Commenting on the sale of the construction arm, Mr. Bouloutas emphasized that "in total, the group has historically lost over €600 million in the construction industry. In a Deloitte study of the 100 largest construction companies internationally, the average profitability reaches 3% with 3 .5% which means that from the backlog of €2.8 billion that AKTOR has, the benefit would reach approximately €100 million with the recent transaction giving the company a price many times over".
He also noted that the construction industry is a sector with strong fluctuations and judging that it is better to use the funds in concessions that have stable cash flows and recurring income, the group was led to the decision to sell its construction arm.
In fact, as underlined by Mr. Bouloutas, he expects better financial results from this year, which will allow the listed company to start paying dividends. "At the end of this year, the company will have greater capital adequacy and cash available, so it will be possible to distribute a dividend. The goal is to start having dividends," he said characteristically.
In response to a question about the Attiki Odos concession tender, Mr. Bouloutas replied that the existing contract expires in October 2024 and that the company is participating again in the tender process which has already received two postponements. "We are ready to submit an offer. There are eight schemes that claim the concession in the TAIPED competition," said the head of the Ellactor group.
The company's shareholders approved, among other issues, the implementation of a 24-month own share buyback program.
The proposed program will be completed within the statutory period of 24 months, i.e. from June 22, 2023 to June 22, 2025, as long as the said purchases are, as the case may be, to the benefit of the company and that the available funds allow it to this acquisition. The maximum purchase price of the company's own shares will be €3 per share and the minimum purchase price will be equal to €0.30 per share.
