ANDROULAKIS: One of the highlights of yesterday’s SEV general assembly was the positive reaction to the presence of the leader of the official opposition. Not so much for his well-known political barbs, but because he appeared to be particularly well-informed on industrial issues.
In essence, he put forward proposals that address the major concerns of the business community regarding manufacturing and industry, targeting the weak points of government policy through a comprehensive strategic framework:
A structured transition to a production-centered model, with six specific priorities and measurable productivity targets. He linked these to social justice through the resulting wage increases.
ANDROULAKIS II: In this context, we highlighted—as a clear sign of commitment to PASOK’s plan—the (intention to) ban the “Golden Visa” and replace it with the “Angel Visa,” with the aim of fostering productive investments.
As is evident from the description provided, the name “Angel” for this specific visa derives from the well-known category of “Angel Investors” (Angel Investors) who invest in innovative start-ups, giving them a boost in their growth.
As he himself emphasized, it will be granted to investors who invest in a) research and innovation activities, b) start-up companies, and c) emerging small and medium-sized enterprises.
However, to be practical, we must note that it is unlikely that foreign residents will invest directly in such activities unless there is an intermediary (a fund, for example) that offers professional management and a broad portfolio.
Because, no matter how you look at it, buying an expensive apartment doesn’t carry the same risk as investing in a startup. It’s hard to get your foot in the door when it comes to properties in prime locations.
ANDROULAKIS III: His reference to the problems of industrial zones in particular piqued the interest of many attendees, as he accurately described a paradox that deeply concerns businesses.
On the one hand, the government encourages the concentration of industrial activities in industrial zones, while on the other, businesses are required to pay high fees, without it always being clear where the relevant funds are directed.
Quite a few people commented that he had an in-depth understanding of an issue that usually remains outside the public discourse.
The PASOK president’s remarks on the depreciation of investments also left a positive impression. As businesspeople who attended the speech noted, he reasonably raised the question of why Greece continues to have less generous depreciation schemes compared to other OECD countries, at a time when everyone recognizes the need for stronger investment incentives.
Note, in fact, that he contrasted this regime with the fact that Greece has one of the most favorable dividend tax regimes, at just 5%.
“What message does our tax system send? That it’s more worthwhile to distribute profits than to reinvest them?” he asked.
P.S.: All well and good, but as attendees at the event told us, the PASOK president was unable to shake off the… angry demeanor that often characterizes him, even in one-on-one interactions, especially when the topic turned to either Kyriakos Mitsotakis or Alexis Tsipras.
These polls are a real pain, very disheartening…
PROFIT MARGIN CAP: If there was one issue that dominated yesterday’s general assembly of the Hellenic Federation of Enterprises (SEV), it was the profit margin cap and, more broadly, state intervention in the functioning of the market.
The main argument raised was that the measure continues to be implemented without a comprehensive study having been presented to substantiate its effectiveness.
Such practices are rare in the EU, as was pointed out.
THEODOROPOULOS: In his customary address to SEV members at yesterday’s General Assembly, Spyros Theodoropoulos made sure not to leave anything off the list of demands for the government.
Lower energy costs, lower non-wage costs, more “flexibility” in the labor market, and collective bargaining agreements that “take productivity into account.”
At the same time, it reiterated proposals that the Hellenic Federation of Enterprises (SEV) has long put forward. Notable among these are the call for accelerated depreciation “without unnecessary bureaucracy,” faster procedures for strategic investments with “adequate resources,” and incentives for mergers.
He also did not fail to reiterate that “productivity is the most important challenge” and that it is what leads to “higher wages.”
SIAMISIS: The CEO of HELLENiQ ENERGY and vice president of the Hellenic Federation of Enterprises (SEV) did not miss the opportunity to remind everyone how valuable refineries are. These “modern and flexible industrial facilities,” he pointed out, have given the country a “competitive advantage” and “pre-tax prices” that have demonstrated their value “in the most resounding way.”
PSALTIS: The CEO of Alpha Bank presented a substantive report: through the two Recovery Fund programs and with the support of the banking system, which provided 8.8 billion euros in loans, investment plans worth 27.5 billion euros were implemented, placing Greece among the top countries in Europe in terms of absorption capacity.
An achievement that, as he rightly pointed out, also serves as a benchmark for the next step.
Perhaps the most insightful point of his remarks, however, was his candid assessment of the country’s fundamental structural problem: productivity. Citing figures that leave no room for complacency—39.6 working hours compared to the European average of 35.7, but output per worker at just 55%—Psaltis pinpointed exactly where the Greek economy needs to focus.
The three measures he proposed provide a clear direction: funding for investments that boost competitiveness, stronger incentives for technological modernization and business expansion, and the utilization of savings—including through occupational pension funds—to support the real economy.
His closing remarks succinctly and soberly summed up what is at stake: Greece has regained its credibility, a valuable yet fragile asset that must not merely be preserved—it must be transformed into growth.
ADMIE: With the capital increase wrapped up in the blink of an eye and Capital Group stepping in as a cornerstone investor to acquire shares worth 70 million euros, investors flocked to the trading floor to buy into the Operator’s new story.
Despite the large capital increase, the stock is at an all-time high, having risen nearly 10% since the beginning of the month.
As the second day of the process begins, the market is now awaiting the first indication regarding the minimum offering level for the new shares.
AKTOR: From €11.38 on May 6—just a hair’s breadth from the year’s high of €11.44 on February 11—the stock had been on a downward trend, falling as low as €9.70.
Yesterday, in a single move, it recouped nearly all of the losses incurred during that period. It closed at 11.14 euros, up 12.53%, with 522,000 shares changing hands—the highest volume since early February.
Meanwhile, it was announced that Atlantic SEE LNG Trade is doubling the contracted volumes of LNG it will procure from Venture Global, reinforcing the group’s commitment to the “Vertical Corridor” project.
ALUMYL: Distribution to shareholders of 972,000 euros (€0.03 per share), derived from tax-exempt reserves formed from investment grants under the 2004 Development Law, as proposed by the Board of Directors of the listed company to the shareholders.
The distribution of reserves from a Development Act grant has the following peculiarity: given that more than 10 years (22 years in this case) have elapsed since the reserves were formed, the amount distributed is subject to separate taxation at a rate equal to one-third of the corporate income tax rate in effect at the time of distribution.
In other words, the amount to be distributed will be taxed at a rate of 7.33%. ALUMYL pays this separate tax, which constitutes a distinct item. Therefore, the dividend of 0.03 euros per share is net (i.e., no dividend withholding tax is withheld).
ALUMYL II: In addition, the agenda for the general meeting includes the submission of an application to qualify for the 2022 Development Act regarding ALUMYL’s investment to expand the production capacity of its facilities in Xanthi, with an estimated budget of 9.87 million euros.
The investment is expected to be fully financed (i.e., 100% of eligible costs will be covered) through a lease agreement and to be implemented within three years.