Preparations for METKA’s listing on the Athens Stock Exchange are advancing, with a new, robust structure that boosts its flexibility and supports the group’s next steps in its development.
With an order backlog of around €2bn, METKA holds a leading position in the construction market while also seeking a broader role in the infrastructure sector.
The construction group is entering its next phase of growth after a series of significant moves by Evangelos Mytilineos, who is leveraging the group’s strengths.
Group transformation
As part of the transformation of METKA Group, it was recently decided to spin off the concessions and public-private partnership (PPP) business from Metlen Energy & Metals Single-Member S.A. and transfer it to M Concessions Single-Member S.A. (M Concessions).
Metlen subsequently announced that it would further consolidate its infrastructure activities in a standalone, wholly owned subsidiary, METKA Group.
METKA will therefore comprise the group’s construction, concessions and PPP activities, as well as facility management (METKA ATE, M Concessions S.A. and Unison S.A.).
M Concessions valued at €169m
A further step on this front came on Monday. According to a valuation report published in the General Commercial Registry (GEMI), M Concessions is valued at €168.7m, a figure that will form the basis for transferring its shares to METKA as part of an in-kind share capital increase.
M Concessions holds stakes in four PPP projects: the Thessaloniki Flyover, the Yperia–Orfana irrigation network, the construction of 17 bioclimatic schools in Central Macedonia and the energy upgrade of street lighting in the Region of Epirus.
It is also worth noting that two further projects are expected to be added to the company’s portfolio in the future. These are student residences for the University of Western Macedonia, for which Metlen has been named provisional contractor and the contract is expected to be signed in November, and the Northern Road Axis of Crete (BOAK), in which Metlen has agreed to take a 30% stake in the construction work and a 24% stake in the concession and operating company.
It is worth noting that the value of these two future stakes has not been included in the €168.7m valuation, as their inclusion in M Concessions has not yet been finalised.
“It is noted that, as at the Valuation Date, Metlen Energy & Metals SINGLE-MEMBER S.A. is a party to the relevant agreements, while it is envisaged that it will subsequently be replaced by M CONCESSIONS SINGLE-MEMBER S.A., following completion of the required procedures. As M CONCESSIONS SINGLE-MEMBER S.A.’s participation in the above projects has not yet been finalised, this valuation does not include any economic value associated with them,” the valuation report by COMPASS states.