GEK TERNA took over the Egnatia Motorway concession in a dire state, said George Peristeris, Chairman and CEO of the GEK TERNA Group, adding that over the past six months the group has paid 5 billion euros to the government for new projects.
Speaking at the company’s General Meeting, Mr. Peristeris noted that “the transformation of the company, which began eight years ago, is now becoming evident.”
“The effort we are making is owed not only to our company but also, more broadly, to society as a whole. In the last six months alone, we have contributed approximately 5 billion euros to the state for the acquisition of two major concessions, and this is a continuation of other long-term investments we are making,” he said.
“Last year, we took over the concession and began operations on the Egnatia Highway, a massive 1,000-kilometer highway in terrible condition, which we have already begun to reconstruct,” he added.
Mr. Peristeris also noted that the company has strong liquidity to proceed with new investments, as the funds generated from the sale of GEK TERNA’s stake in TERNA Energy to Masdar were not distributed to shareholders, but were utilized to finance the Group’s further growth.