During the annual general meeting , Lambros Papakonstantinou, the head of Ideal Holdings , expressed openness to acquisitions that would benefit both shareholders and the company.
“We’re looking into it, but we’re not rushing,” he said, citing the philosophy of Berkshire Hathaway: “Be patient.” “We need to find the right target, to study what we’re going to do, ” he noted, emphasizing the strategy of discipline in investments.
“We have certain principles. It’s not just about the price,” he said, adding that the group continues to seek investment opportunities without time pressure. “We haven’t found the right entry point with the right conditions, and that’s why we continue to look and aren’t rushing. There will always be opportunities in the market, ” said Lambros Papakonstantinou.
He noted that the company has €100 million in cash. “If there isn’t an investment right now with the returns you want, you have to return the money to the shareholder. Why should we hold onto your money?” he remarked.
Management emphasized that the group has an “excellent capital structure, ” with a strong cash position, open credit lines of hundreds of millions of euros, and limited borrowing by subsidiaries.
He appeared reassuring regarding geopolitical and political developments, stressing that an investor with a long-term horizon cannot be swayed by short-term uncertainty. “As far as the war and political developments are concerned, it is a mistake for someone with a long-term horizon to be influenced by the short term. It will endat some point, ” he said.
At the same time, he said that Greece has left the periods of instability behind. “We have moved past the times of turmoil, ” he commented.
Regarding Attica Department Stores, it was noted that the group has so far recovered approximately €44 million from the investment, while the company’s listing on the Athens Stock Exchange is scheduled for June 24–26, pending approval of the prospectus.
“With a little luck, we’ll double our money,” he said, adding that the listing will take place through the sale of existing shares rather than a capital increase, as the company already has strong cash flows.
Meanwhile, in response to a question from Euro2day.gr, he said that Attica will acquire three more stores at City Link.
Regarding Barba Stathis, management described the company as a “platform, ” clarifying that future moves in the food sector are being carefully considered. He also clarified that the company is not considering investments in sectors such as real estate, photovoltaics, or services. “We will not be involved in real estate, photovoltaics, services, etc.,” he emphasized.
Mr. Papakonstantinou said that this year is shaping up better than last year. “The five-month period is better than the three-month period, ” he noted, explaining that when performance is strong, “there is no rush.”
The meeting approved a capital return of €0.70 per share for this year, compared to €0.40 last year.
Regarding unallocated raised capital, management reported that it currently amounts to approximately €44.58 million. The company proposes expanding the options for utilizing these funds so that they can be used not only for acquisitions and investments but also for intra-group lending or the repayment of existing debt.