GERULANOS: “‘The party bylaws apply to everyone,’ emphasizes (and reiterates) Pavlos Geroulanos, referring to the ‘term limit’ decided at the recent PASOK convention, according to which anyone who has served 20 consecutive years in Parliament cannot be a candidate for a parliamentary seat.
The “controversy” centers on Theodora Tzakri, who has already served 22 years in Parliament, but the leadership at Harilaou Trikoupi is reportedly eager to include her on the Pella ballot due to the devoted following she enjoys.
Geroulanos did not stop at the above assurance, but went a step further, indirectly responding to reports that the “trick” was for Ms. Tzachri to run as a PASOK ally rather than as a party member, so she wouldn’t be “cut off.”
What did the far-sighted Pavlos say? That he’d very much like to hear the (leadership’s) excuse if they ultimately go through with this move.
Let’s see young men fighting it out on Harilaou Trikoupi Street for Theodora’s votes, and what…
SYRIZA: To understand what’s happening in the party right now: Central Committee members who were ready to officially resign from the party to join ELAS, are “putting their resignations on hold” and staying in SYRIZA to support… Famellos, along with his position that Alexis Tsipras’s new party should be supported in the elections.
In other words, to support the position of a party president who is asking that his own party not run in the elections and instead support another party—without resigning from his own position.
Pavlos Polakis contributed to the… “backtracking” of the officials who had announced their resignations, as he rushed (again…) to announce via social media (as is his custom) that he would run for the position of chair of SYRIZA’s Parliamentary Group, since, as is well known, an attempt will be made to oust Famellos.
According to those in the know, the resignations of the… covert ELAS supporters had been set in motion following the Central Committee’s decision (on June 6) approving Socrates Famellos’s aforementioned proposal. However, when the group led by Polakis, Dourou, Pappas, Rigas, and others succeeded in convening a new meeting of the Central Committee (on July 11) to overturn the decision in question, they decided to remain members of the Central Committee to prevent the overturn from passing.
It’s sort of like, “We’ll come back for a bit, cast our votes, and then leave again,” in other words.
Mariliza Xenogiannakopoulou is not among them, as she publicly announced her resignation from SYRIZA because—as she said—she cannot accept the party’s participation in the elections against Alexis.
This… upheaval led Nikos Pappas to demand public statements from other party officials and members of parliament that they are not with one foot in the Hellenic Police. Like Olga Gerovasili. Such statements won’t be made, of course, but the individuals in question will begin to feel intense pressure, since SYRIZA’s “party loyalists” will ask them every day: are you staying or leaving?…
Between us, the image of these SYRIZA MPs who are secretly loyal to ELAS… in SYRIZA who refuse to resign from their parliamentary seats (as per the condition set by Tsipras) because they don’t know when… elections will be held, is causing negative sentiments that aren’t doing Amalia any favors either.
We’re hearing, however, that some (a few) are thinking of ending this game of hide-and-seek immediately…
PARLIAMENT: An amendment—interesting in part because of those who have co-signed it—has been submitted to Parliament.
It calls for the immediate hiring of 1,000 new employment counselors at the Public Employment Service (DYPA), under private-law, fixed-term contracts funded by national resources.
Who signed it? Four SYRIZA MPs, five from the New Left, seven independents (formerly of the New Left), one independent from the former Kasselakis party (Michalis Chourdakis), two independents (formerly of SYRIZA), two independent women (formerly of the Freedom Movement—Areti Papaioannou and Eleni Karageorgopoulou).
And one PASOK MP: Pavlos Christidis, one of the party’s younger and more dynamic members.
The turmoil in the so-called progressive camp and the informal pre-election period will likely hold many more surprises like these in store. We’ll just note that of the above (except for Christidis, of course), 6–7 would like to join Tsipras’s ELAS, and 2–3 have likely secured their spot…
PHARMATHEN: The company is undergoing a major restructuring of its debt and securing new financing, as detailed in an extensive report by Euro2day.gr.
However, industry insiders are placing serious blame on the management—both directly and indirectly over the past few years— the company’s current shareholders, for the turn of events in one of the Greek pharmaceutical industry’s biggest “success stories,” which had gained international recognition.
“It took a lot of… effort to pull this off,” one of them told us pointedly, while several others expressed doubts as to whether the company would be able to return to its previous successful course under the same ownership structure.
Regardless of whether one agrees with these comments, the decline is indeed striking.
The company was sold by the Katsou family to BC Partners in 2015 for 475 million euros. BC, following further success, sold it in 2021 to Partners Group “on behalf of its clients,” at an enterprise value of 1.6 billion euros.
In June, however, the stake held by Partners’ listed funds in the company’s common stock was valued at… zero.
How can a “sure thing” that seemed to be going… like a rocket fall apart in just five years?
PHARMATHEN II: As market executives argue, all products were complete, the production facilities were fully invested in, audited, and fully operational. There was also a specific growth plan.
All that needed to be done was for the company to operate properly, implement the expansion plan, and, at the same time, hire new staff to support growth.
They add that, instead, critical projects were delayed, valuable expertise was lost during a particularly sensitive period, and subsequently hundreds of new employees were brought in to produce medications.
Consequently, it was inevitable that problems would arise regarding the assurance of production conditions, which led to the crisis with the U.S. FDA.
Another executive notes that the company’s “engine” has suffered a serious blow, as recent developments, combined with numerous layoffs and resignations, have had a severe impact on employee morale.
Nevertheless, he hopes that the crisis will be overcome.
VEREMIS: Investments in Greece are directed mainly toward construction and tourism rather than productive sectors, noted Markos Veremis, speaking at an event for the EY Entrepreneurship Barometer.
And that is not the only issue. He highlighted the small size of Greek businesses, noting that the overwhelming majority (95%) employ fewer than ten people. He therefore made it clear that productivity and innovation cannot be built with such small units.
Even more striking was his reference to productivity, which he estimated to be nearly half the European average. His message was clear: The future requires mergers, larger entities, and the rapid adoption of technology.
FESSAS: For his part, Theodoros Fessas took the discussion deeper, addressing the underlying problems of Greek entrepreneurship. He spoke about entrepreneurship that typically stems from necessity rather than a desire to create, about the individualism of Greeks, about the difficulty of collaboration, and about the prevailing mindset of “who you know” rather than “what you know.”
Regarding Artificial Intelligence, he acknowledged that it has set off alarm bells in the business world, as changes are frequent, while he emphasized that it remains to be seen whether the reaction to the “fire that has been lit” will be coordinated or erratic.
His reference to UniSystems was also telling: last year, the company hired many engineers, but this year, none, as it chose to resolve internal issues first before bringing in new staff.
At the same time, he emphasized that the country has talent that is not being utilized as much as it should be, but he expressed optimism that Greece can adapt, provided there is better coordination and a more stable framework for implementation.
GEK TERNA: The massive investor interest in the express capital increase carried over into yesterday’s trading session, during which the stock, despite initial pressure, closed up 3.09% (at 45.36 euros). Trading volume exceeded 60.1 million euros. Of this amount, 14.2 million euros were from five pre-arranged trades.
With yesterday’s move, the stock thus offset the selling pressure that emerged at the end of Tuesday’s session, when it became known that the group’s capital increase was moving forward.
Half-year gains exceed 78%.
Y/KNOT: Investors on the Stock Exchange rewarded Y/KNOT’s first move into the tanker market with a rally, following the purchase of a 16-year-old vessel for $44.1 million.
The stock rose nearly 10% to 1.5 euros, though it remained far from the high of 2.89 euros it reached in the wake of shipowners Panagiotis and Rigas Tzortzis’s investment in its share capital.
The company announced on Wednesday its first investment in a tanker, acquiring the Aframax Jag Lokesh (105,599 dwt, built in 2009 by Hyundai Heavy Industries) for $44.1 million from Great Eastern Shipping, with delivery to be carried out through the newly established Y/Amethyst Inc. and the vessel also being renamed Amethyst.
REFINERIES: Following Eurobank Equities, another domestic brokerage firm, Pantelakis Securities, upgraded its estimates for the two Greek refineries, offering… back-to-back support for the two stocks.
On the trading board during Wednesday’s session, Motor Oil once again reached the 40-euro level, closing with a 4.12% jump at 39.96 euros, while Helleniq Energy moved in the opposite direction, posting a 2.44% loss to close at 10.78 euros.
According to a report by Pantelakis Securities, resilient refining margins—which remain at high levels despite the reopening of the Strait of Hormuz, due to low inventories and operational delays in the Middle East’s recovery—support strong profitability for both Greek refineries through 2028.
For Helleniq Energy, the refining margin is projected at $17.4 per barrel in 2026, gradually declining to $15.2 in 2027 and $14.5 in 2028.
This translates to EBITDA of 1.337 billion euros in fiscal year 2026, 1.145 billion euros in 2027, and 1.113 billion in 2028, with adjusted net income of 682 million, 519 million, and 491 million euros, respectively.
The dividend per share is estimated at 0.75 euros for the current fiscal year, 0.70 euros for 2027, and 0.75 euros in 2028, with a dividend yield of 6.8%, 6.3%, and 6.8%.
For Motor Oil, the margin is projected at $16.7 per barrel this year, $14.8 in 2027, and $13.9 in 2028. EBITDA is projected at 1.414 billion euros, 1.272 billion, and 1.230 billion, with net profits of 817 million euros, 734 million, and 700 million, respectively (the last two years also boosted by a contribution of ~60–65 million from UtilityCo).
The dividend per share is estimated at 1.90 euros this year and 1.80 euros in both 2027 and 2028, with a yield of 5.0% for the current fiscal year and 4.7% for the next two years.
Overall, the study foresees a “new normal” in profitability levels, with EBITDA exceeding 1 billion euros for both companies, and Motor Oil standing out for its lower leverage and stronger free cash flows.
VIOHALCO: The group’s shares remain in a downward trend. The parent company’s stock fell 2.4% yesterday to 18.74 euros, with the decline from its record high of 21.85 euros (June 22) approaching 15%.
In the case of Cenergy, the high was 26.2 euros, also on June 22. Following yesterday’s close at 22.3 euros, cumulative losses have (also) reached 15%. As a reminder, this followed a placement of 6.3 million shares at 24.2 euros.
In the case of Elvalhalcor, which, as a reminder, is proceeding with a 250 million euro capital increase, the picture differs only slightly. The year’s high was 5.72 euros (also on June 22), with yesterday’s close at 4.95 euros.
Total decline of 13.46%.