ONYX Tourism S.A. is preparing a share capital increase as it moves ahead with an investment of about €387m at Sani in Halkidiki to develop an integrated, high-standard tourism and agrotourism destination.
According to information, the company has already mobilised the contribution corresponding to 20% of the eligible investment budget, with the project’s financing structure combining a land contribution and equity.
As part of this plan, the listed company intends to proceed with a share capital increase in the coming period. Its size and timing have not been disclosed, nor is it known whether existing shareholders will subscribe or the company will seek participation from new investors.
The planned capital move is part of the financing arrangements for the investment plan, which is undergoing licensing and technical development, with the aim of starting the main construction phase in autumn 2027.
ONYX Tourism is backed by the Zisiadis family, which has a long track record in Greek tourism and was present at Sani Resort in Halkidiki before exiting in 2015.
Financing
ONYX’s overall investment plan is divided into two distinct parts, with the main eligible component totalling €286.966m.
Of this amount, €130.439m is expected to be provided through the Recovery and Resilience Facility, at a fixed interest rate of 1%, while €99.134m will come from bank co-financing by CrediaBank.
The company’s contribution amounts to €57.39m, equivalent to 20% of the eligible budget. Of this, €26m represents the land contribution, while the remaining €31.39m is expected to be covered by equity.
The related loan financing has already been contracted, while the company has announced that CrediaBank has put in place interim financing (bridge financing) of up to €7.8m to cover costs associated with the initial stages of the investment. Meanwhile, according to information, the next disbursement of funds is expected before Christmas, as work is progressing satisfactorily.
The residential component of the project, with a budget of about €100m, involves the development of 228 branded residences: 120 villas and 108 smaller homes. Their gross sales proceeds are estimated at about €175m under the business plan, with sales due to begin in 2029.
The investment plan
The main part of the investment is being developed on a privately owned site of more than 600 stremmas in Kassandra, Halkidiki. The plans include two hotels with a combined capacity of 546 keys, as well as facilities for dining, wellness, culture and agricultural production.
ONYX is advancing the project’s licensing through a Special Plan for Spatial Development of Strategic Investments (ESCHASE), and has signed a memorandum of understanding with the AKTOR Group for the construction work.
It is also in advanced talks with an international luxury hospitality chain that does not yet have a presence in Greece, to manage and brand the hotel and residential facilities.
According to projections presented by management, the first phase of operations is expected to begin in 2030, with estimated operating revenue of €77m and EBITDA of about €30m. Over the longer term, the business plan forecasts revenue of €192m and EBITDA of €95m in 2039.
ONYX Tourism was listed on the Main Market of the Athens Exchange last October, transferring its shares from the Alternative Market.