GIANNITSIS: The statements of former minister Tasos Giannitsis on corruption (“100-200 times more compared to the past”, he said characteristically to ONE) were commented on by the government spokesperson, Pavlos Marinakis, at the political editors’ briefing.
“I do not want to enter into a public confrontation with a former minister. However, the comparison is unfortunate”, he said, citing the European Commission’s annual reports and “Greece’s progress on corruption issues”.
He also stressed that “what happened during that period of governance, part of which Mr. Giannitsis was also a minister, is recorded by historians... I do not think we remember many times in the past members of the cabinet being led to Justice, Justice making decisions, imprisonments taking place”.
It is noted that Tasos Giannitsis pointed out that “if one looks at the subject of corruption, how much it was then and how it is now with OPEKEPE and other things that have come out, it has no relation, it is 1 to 100-200. But the issue is not quantitative. It is political and qualitative”.
For Pavlos Marinakis the… bad thing is that along with Mr. Giannitsis, officials of today’s government, coming from PASOK, also participated in the same governments.
Strange comparisons these…
GOVERNMENT: Athens persists in its… flirtation with Cairo. A few days after Mitsotakis’ visit, the Minister of National Defence, Nikos Dendias, is also there, where he will participate today in a trilateral meeting with the Minister of Defence and Military Production of the Arab Republic of Egypt, General Ashraf Salem Zaher, and the Minister of Defence of the Republic of Cyprus, Vasilis Palmas.
The discussions will focus on the further strengthening of cooperation between the Armed Forces of the three countries, joint exercises and training activities, operational interoperability, cooperation in the field of new technologies and defence innovation, as well as challenges in the security environment in the wider region.
And this, while Ankara has recently been attempting to reapproach Egypt, seeking allies in the wider region.
SYRIGOS: And since the discussion is about alliances, the creation of such by our country, since “you can no longer rely on America”, is set as a key priority by the ND MP, professor, Angelos Syrigos.
“We must become a vital geopolitical player, move by creating interests, creating alliances, playing in the wider region. It is not that we are not doing it, we have started and have been doing it for some years now. Our alliances with Israel, with Egypt, the efforts we are making with Jordan, with India, all these are part of this logic but we must do it much more intensely because Turkey is also now developing much more intensely”, he noted and added:
“You can no longer rely on America. There is no certainty at all regarding America. It may get involved or it may not get involved, and if it does get involved, you are not sure that you want America to get involved with you”.
It is recalled -for the record- that at the same time, the prime minister is in the… USA, expecting, among other things, the strengthening of relations between the two countries.
SALMAS: The independent MP raises an issue of conflict of interest for Singular Logic ahead of elections, with a topical question in Parliament.
As Marios Salmas argues, “the company that in recent years, since 1981 and especially in 2023, undertook this mission by direct assignment, was a serious and highly regarded company with expertise, Singular Logic. However, it is obvious that in order to be able to guarantee impartiality and that the result cannot be challenged, it must not have a conflict of interest”.
As he alleged, the company, together with other companies, undertook a project worth 22 million euros from the ODAP of the Ministry of Culture in 2024, while the group to which it belongs also undertook, through a tailor-made tender, other projects of the Ministry of Culture, including the sale of tickets for archaeological sites.
It is recalled that the head of Greek Solution, Kyriakos Velopoulos, has also repeatedly raised the issue of the reliability of the electoral process.
It is not excluded that other… complainants may emerge as the ballot boxes approach and polarization rises.
FEARNLEY: Fearnley Securities is strengthening its presence in Greece, creating a new investment banking base in Athens from January, aiming to offer Greek shipping companies access to international capital markets.
The office will cover capital raising services through shares and bonds (ECM and DCM), as well as mergers and acquisitions. According to head of investment banking Rikard Vabo, Fearnley Securities has worked over the last 18 months with Greek shipping companies on 10 transactions, through which more than $1.5 billion was raised.
The company recently participated as joint global coordinator in the placement of 12 million shares of Safe Bulkers, worth 80.4 million euros, on Euronext Athens. At the same time, Star Bulk raised $125 million through a secondary listing in Athens, with the issue being oversubscribed more than six times.
Astrup Fearnley had opened an office in Athens in June, initially focusing on shipbroking. It is now planning hires in Greece and transfers of executives from Oslo, as Athens strengthens its role as an international financial center.
ECB: The European Central Bank has started preparatory work for investing a small part of its own funds in tokenised securities, aiming to gain practical experience of how transactions in financial securities based on distributed ledger technology (DLT) work in practice, that is, in digital systems where the recording and settlement of transactions are carried out in a decentralized manner. In short, the central bank is testing the... waters.
The transactions will be settled in central bank money through Pontes, the Eurosystem’s new solution for the settlement of tokenised assets. The initiative is part of the strategy for adapting central bank money to the digital age, together with the Appia initiative for the creation of a European tokenised financial ecosystem.
The initial investments will concern euro-denominated securities from Eurozone governments, regional governments, agencies and European supranational institutions.
After the completion of the preparation, the Executive Board will determine the details and timetable of the investments.
PANAGIOTIDIS: Toro Corp. of the Panagiotidis family group is significantly strengthening its presence in product tankers, acquiring two MR tankers with a total value of $83.4 million and doubling its relevant fleet.
The company, listed on the Nasdaq, announced that it paid $45.9 million for an MR tanker with a capacity of 50,000 dwt, built in 2018 in Japan, which it took delivery of on Thursday. Its characteristics point to the PM Regent, which brokers had previously reported was acquired for $45.5 million from parent company Castor Maritime and was intended to be transferred to Toro.
At the same time, Toro paid $37.5 million for a second MR tanker of 50,000 dwt, built in 2014 in South Korea. The vessel will be renamed Wonder Atria.
The two acquisitions were financed from the company’s cash reserves. Toro’s fleet consists of four MR tankers and two LPG carriers.
CHATZIPATERAS: Dorian LPG of Yiannis Chatzipateras is proceeding with the sale of its fifth VLGC in less than six months, taking advantage of the explosive rise in freight rates and the strengthening of values in the secondhand market.
The company agreed to sell the oldest vessel in its fleet, the 82,000 cbm Captain John NP, built in 2007, to Chinese interests. The price is estimated at $75-77 million, significantly higher than the current value of $62.7 million calculated by VesselsValue.
The four previous sales brought in a total of $338.4 million, of which $257.8 million was net profit for the company. Part of the proceeds, amounting to $80.6 million, was directed to debt reduction, while the largest part is intended for dividends and the newbuilding program.
Dorian has ordered four VLGCs in South Korea, with a total value of about $460 million, with deliveries in 2029-2030.
SARANTIS: Never say never. Especially in business. And the Sarantis family knows it better than many.
That is why it is leaving all the cards on the table. Even DELTA. It is not saying “yes”, but above all, it is not saying “no”. And if, let’s say if, the deal happens, it will have something of the vindication of an old prophecy, when 20 years ago the Sarantis brothers were saying that they would buy DELTA.
Since then, a lot of... milk has flowed in the channel. DELTA passed to CVC and the Sarantis family has already made two agreements with it, acquiring UMC and Dodoni.
Perhaps the difficult thing for the third deal will not be reaching an agreement between themselves, but getting through the Competition Commission.
In any case, the moves do not stop. The 40 stremmas in Mytilene are awaiting the decision for a factory, Dodoni has returned to profits and is working full out, although a new factory in Ioannina does not appear to be on the horizon.
Nor has production in the USA been erased from the map. Why? When you have grown through deals, you do not close any door.
ALTER EGO MEDIA: The share of Vangelis Marinakis’ company remains in touch with the high of 6.6 euros, having yesterday closed marginally higher at 6.4 euros, with transactions exceeding 800 thousand euros.
The company yesterday announced an impressive increase in financial figures for the first half as well as the full allocation of the funds raised from the Public Offering.
As chief executive Giannis Vrentzos explained, the company, leveraging content, strong brands, our direct relationship with the public, data and technology, is now developing four strong pillars: Publishing, Broadcasting, Content Creation and Live Entertainment, developing synergies and broadening revenue sources.
ALTER EGO MEDIA II: The dismantling works of the Allou Fun Park facilities have begun by the new long-term lessee of the municipal land, the Vangelis Marinakis group.
On July 2, More.gr Venues leased the 19,264 sq.m. site from the Municipality of Nikaia-Ag. Ioannis Rentis until December 7, 2042, while four days later (July 6) it decided on a capital increase of 3.5 million euros to cover its own participation in the dismantling works.
At the same time, another Marinakis interests company acquired, last April, in the same area, two adjacent plots, of 4,492 sq.m. and 1,528 sq.m., respectively, which it leased, in June, for 5 years to More.gr Venues.
On the three plots, with a total area of 25 stremmas, an open-air multi-purpose venue for hosting events is to be developed.
More.gr Venues is a 100% subsidiary of More.gr Electronic Services. Alter Ego acquired 50.1% of More.gr Electronic Services from the Karonis side (Werealize.com) last spring. Werealize.com Investments remains a shareholder in More.gr with 49.9%.
ENTERSOFTONE: A major deal is being prepared for announcement by the company that is the largest provider of business software products and services in Greece.
According to information, the agreement concerns the partial acquisition of the company by a foreign giant, in a deal which market sources describe as one of the largest globally in the business software sector.
As we are informed, soon, perhaps even today, there will be announcements for the company, whose shareholders are Olympia Group, Imker Capital and Antonis Kyriazis.
The column had recorded at the end of June the decision of the Extraordinary General Meeting for a capital return amounting to 53.99 million euros through capitalization of an amount from share premium and subsequently a capital reduction with cancellation of 53,456,346 shares.
As we had noted then, “the capital return move maintains, if not intensifies, the rumors of a possible sale of the company”.