MYTILINEOS: Yesterday, at the presentation of METKA Group ahead of its stock market listing, Evangelos could hardly avoid a look back at the history of the acquisition of METKA almost three decades ago.
He publicly admitted that the idea had not been his at the time, but belonged to Spyros Bellos, the well-known broker at “K Securities” and “guru” of Greek deals.
Although Mytilineos had been listed on the Parallel Market for just two years, Bellos told him that, in his view, he should move into industry and suggested acquiring METKA.
After studying the company, Mytilineos began buying shares at 1,000 drachmas (through K Securities), eventually paying as much as 10,000 drachmas a share, until he had accumulated a 25% stake without attracting attention.
There were no mandatory disclosure thresholds, except when someone acquired a majority stake.
He then made a surprise takeover offer and secured a majority stake — a move that proved to be one of the most profitable not only for him but also for METKA’s shareholders, who later became loyal shareholders of today’s Metlen.
METKA: That look back at the past is relevant to developments today. According to our usually highly reliable sources, the “guru” Bellos is still following the story.
He believes that, in its current form, METKA Group (you can read more about its structure and ambitions in Stelios Bouras’ report) has the potential to deliver even greater stock market excitement than it did in the past.
Indeed, the column has been told that the experienced Mytilineos “will leave money on the table” for shareholders in the public offering.
It has also been told that the new construction model being promoted by METKA Group — moving away from traditional contracting in favour of designing, financing, developing and maintaining projects throughout their life cycle, at lower cost but with higher profit margins — will make a difference going forward.
Evangelos himself was emphatic, as were his close associates Vangelis Chrysafis and Dinos Benroumbis, who, in addition to their long-established roles at Metlen, are respectively chairman and chief executive of METKA Group.
They said that in the new era, the biggest factors would be the ability to secure financing on favourable terms and a high level of expertise in identifying opportunities and project management — not how many bulldozers and excavators a company owns.
Only those able to make the transition in time will benefit.
METKA II: Around 300 guests attended a Metlen event yesterday evening on the company’s growth plans ahead of its stock market listing.
The country’s political leadership could hardly be absent from such an event, with three government ministers in attendance: the ministers of defence, development and education (Nikos Dendias, Takis Theodorikakos and Sofia Zacharaki).
With the parent company operating in dozens of countries, international interest was to be expected. Among those at the event were ambassadors from 16 countries.
Also noteworthy were the attendees from across the construction sector, including companies that compete with METKA. They included representatives of AVAX and GEK TERNA.
As is well known, who attends such events has its own significance.
Speakers at the event discussed not only the company’s future but also its past. One of its longest-serving executives is undoubtedly Dinos Benroumbis, vice-chairman and CEO of METKA SA.
His comments on profit margins in the construction sector were particularly significant. At a time when inflation is squeezing profitability and several players are making substantial cuts to their bids to win work, he made clear that profitability is non-negotiable for METKA.
“We will never seek to take on a project solely to add another title to our order book, at the expense of its profitability. We place particular emphasis on profitability and converting it into cash flow,” he said.
He was quick to clarify, of course, that the company does not ignore the opportunities a project may present. Quite the opposite. Still, with an order book of €2.1bn, METKA seems to be doing something right.
MITSOTAKIS: Yesterday, Kyriakos Mitsotakis identified what he considered the two most important achievements and the biggest mistake of his 7.5 years in government, at the “Greece Talks” conference.
He gave a positive assessment to both “making Greece a country that is once again respected abroad” and “strengthening the country’s security and reinforcing the Armed Forces”.
By contrast, he expressed regret over OPEKEPE. “We did not dare, and I myself did not intervene much sooner in a system which, in retrospect, it is clear could not be changed from within.”
The prime minister was asked why he is now seeking a third four-year term, when he had previously said that “eight years is the ideal and more than sufficient time for a leader to complete their work”.
He said the main reason was that “we are living in ‘exceptional’ times. I have now built up a concentrated body of experience that I believe is very useful for the country — not only in terms of personal relationships, which have always mattered greatly in politics, but also in terms of experience in managing crises.”
MITSOTAKIS II: Speaking in the first person, the prime minister stressed: “I am still at an age when I have the energy, the determination and the appetite to keep contributing.”
He referred to the “four-year contract that politicians sign when citizens… hire us. The citizens ‘hired’ me in 2023 to do specific things, as set out in our programme.”
One notable point in his remarks was the message that his parliamentary career would end at the same time as his premiership. Asked, “Will you be one of those who remain in parliament until they die, as a former prime minister, at 90-odd?”, he replied:
“No. The moment my career as prime minister ends, so will my parliamentary career,” he said, signalling when he would say goodbye.
He also reiterated that a result below 25% “would be a poor election result for New Democracy, and I would have no hesitation in accepting responsibility.”
His strongly worded comments on Turkey also drew attention, in the event that the bill on the “Blue Homeland” is advanced:
“Geography does not change. Greece is ready to deal with any such eventuality. It would be an unnecessary escalation, one that would not create any specific and serious legal fait accompli, but would certainly place a significant strain on Greek-Turkish relations… If something like that happened, Greece would respond forcefully.”
He also left open the possibility of extending the country’s territorial waters: “I do not rule it out. I do not rule it out, because my job is such that I cannot rule out anything,” he said pointedly.
PROKOPOU: Cosco Shipping Energy Transportation (CSET) has overtaken George Prokopiou’s Dynacom Tankers to take the world’s largest order book for newbuild VLCCs, according to TradeWinds.
The Hong Kong- and Shanghai-listed company announced the addition of 24 new VLCCs, 10 of which will be acquired outright and 14 through bareboat charter agreements with six Chinese leasing companies. With the new orders and a further 16 vessels for which it has received approval to proceed, its order book will reach 52 vessels.
Dynacom falls to second place, with 32 VLCCs under construction, followed by Evangelos Marinakis’ Capital Maritime with 25 and China’s CMES with 18.
PIZZA FAN: The chain is reopening after three weeks, with all 107 stores fully operational from today. The focus, however, is on what comes next.
Two investors remain in the running, with one at a more advanced stage. But there is also the question of the current owner, Mr Andara, who, judging by what sources familiar with the matter have told the column, we suspect would not want to part ways with the company. Of course, a wish is one thing and an investor’s terms are another.
“Any investor sets their own terms for future cooperation,” the same sources say. Whether that preference translates into a shareholding, a management role or some other form of cooperation remains to be seen. At this stage, the same sources point out, the priority is “the company’s future.”
GSI: The column reported this yesterday. Following the French-Turkish understanding, Turkey will issue a new NAVTEX that will effectively allow the surveys to go ahead, while claiming to have given its “consent”. Athens will respond with a counter-NAVTEX, rejecting Turkey’s jurisdiction.
And so it came to pass. This was also the initial scenario, but it appeared to stall when the French had yet to complete the written notification in a way acceptable to Ankara.
That delay, combined with some leaks and amateurism, looks set to create a serious political problem in Athens.
The opposition launched a fierce attack last night.
GSI II: Meridiam, as the majority shareholder in Great Sea Interconnector (GSI), which is responsible for delivering the Greece-Cyprus electricity interconnection project, has made a move with considerable symbolic significance.
The chief executive of the French group has become chairman of GSI, following a decision by the general meeting convened on 20 October.
The six-member board comprises Bramaud-Grattau Olivier, Limouzin Romain, Manousos Manousakis, Ioannis Margaris and Konstantinos Papadopoulos. Antoine Salzgeber has been appointed general manager of GSI and Tilemachos Panagiotidis technical director. They will run the company.
EURONEXT ATHENS: Representatives of listed companies and institutional investors left the Athens Stock Exchange’s Mid Cap event, held on 10 November at the Divani Caravel, highly satisfied, according to reports.
The programme featured a large number of meetings, with discussions proving particularly engaging and activity remaining brisk throughout the event.
A total of 22 companies took part, including Alter Ego Media, Alumil, AVAX, BriQ Properties, Ideal Holdings, Kri Kri, Lavipharm, Qualco, Safe Bulkers, Profile Software, Premia Properties and Thrace Plastics.
The column will seek further information on the event’s aftermath and return to the subject…
VIOHALCO: The group’s shares got a much-needed breather in yesterday’s session, ending a downward trend that had taken them from €18.28 on 6 October to €15.04 on Monday, a fall of 17.7%.
The shares closed yesterday at €15.82, up 5.19% and the third-best performance among listed stocks. Trading topped €1.8m.
The high for the year, however, is much higher, at €21.85, reached on 22 June. Even after yesterday’s rise, the shares remain down 27.6% from that level.
Over 12 months, however, they are still up 58.5%.
REFINERS: The two shares moved in opposite directions on the market yesterday. Against the backdrop of announcements on Helleniq Energy’s plans in Romania, the stock rose 4%, closing at 1€6.9.
By contrast, Motor Oil shares fell — the only stock other than Allwyn in the FTSE 25 to post a loss yesterday.
After yesterday’s moves, ELPE’s losses from its year high narrowed to 14%. Those of the Vardinogiannis group’s shares are slightly higher, at 14.7%.
HELLENIQ ENERGY: The market was not surprised by the increased prominence of Romania in HelleniQ Energy’s strategic plans.
The group’s emphasis on developing wind and solar parks in Romania was clearly reflected in the first seven months of this year, from January to July. As the Chameleon reported, HelleniQ Energy’s pipeline included four solar projects in Romania with a capacity of 211MW, a 186MW hybrid project combined with an energy storage system, and a 96MW wind farm.
The group’s plan is for Romania to become its second-largest market after Greece, absorbing €1.2bn-€1.3bn of the group’s €2bn investment programme through 2030 and accounting for about 30% of its power generation (i.e. 1.9TWh), with installed capacity reaching 1.4GW.
Renewables operating capacity is expected to reach 300MW by mid-2027.
SARANTIS: The company’s shares closed higher after key nine-month financial figures were released yesterday morning.
Eurobank Equities, however, focuses on management’s downward revision to its full-year 2026 forecasts: revenue of €610m and adjusted EBITDA of €91m, down from €620m and €97m, respectively.
The revised guidance implies adjusted EBITDA of about €23m in the fourth quarter, pointing to a sequential improvement in profitability, although cost pressures remain a key headwind, it adds.
The stock is at €11.68 (+1.57%). It has lost 25% of its value since mid-April, when it reached a high of €15.56.
MSCI: The index provider will announce the results of its regular November 2026 index review this evening, with changes taking effect after the close on Monday, 30 November.
The MSCI Greece Standard index currently includes ten Greek stocks: National Bank of Greece, Eurobank, Piraeus, Alpha Bank, PPC, GEK TERNA, OTE, Jumbo, Allwyn and Motor Oil.
However, the market’s attention is focused mainly on the next major change, with MSCI having announced that it will reclassify Greece from an emerging to a developed market in a single step, as part of its May 2027 index review.