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ELLAKTOR: the new management’s 4 top priorities




The management of Ellactor is moving fast with the new CEO, Efthymios Bouloutas. Since taking office last week, a number of priorities are ahead and should be closed one by one.

Xenofos management, according to sources familiar with the matter, successfully completed the difficult period of the proxy war which was crucial for the return of the group to calmer waters. It took about 3 months for this and now with the Boulouta administration the goal is for the group and especially the weak link, AKTOR, to be able to become the vehicle for claiming big projects again.

Completion of AMK

In a timely manner, what should be done as a first priority is to go ahead and complete the share capital increase. According to the same sources, the newsletter has already gone to the capital market committee and the goal is to run it immediately and complete it successfully. Note that Reggeborgh has stated that it will fill any gaps that appear in it.

In addition, since last week, AKTOR has successfully completed the issuance of a bond loan of 50 million euros (“Bridge Financing”). With this money, AKTOR’s financial needs will be covered. According to sources, many outstanding financial issues with suppliers have already been covered.

Claiming great projects

The second priority is the dynamic return to participation and claiming major projects. The absence of the group companies in some shaky tenders (outside the pier OLTH, Egnatia, railway projects) was more than noticeable. Now, as sources close to the management note, the presence of the group will be stable and continuous with the aim of undertaking profitable contracts targeting concessions, PPPs, and RES projects.

Do not forget that at the level of expression of interest the Ellactor group has participation in many major projects such as the double tender of BOAK, PPP projects for the State of Innovation, Kalamata-Methoni, the submarine link Salamina-Perama, the flyover of the Region 13 Regional Centers for Civil Protection etc.

In the next period, according to the announcements of the government, new important infrastructure projects will be run (Metro extensions, Attiki Odos extensions, new PPPs, energy projects) but also the mega-project of Elliniko and the Ellactor group will be emphatically present.

Restoration of normalcy at construction sites

The third priority is the completion of the restoration of regularity in the projects undertaken by the group. AKTOR has undertaken the double contract for the Thessaloniki Metro (main line and Kalamaria line), the double contract for the maintenance of the Egnatia Odos, natural gas projects, etc. According to the same sources, the works in Romania are also moving at a normal pace, and in fact the president of AKTOR, Mr. Panagiotopoulos, had traveled to the Balkan country for these works.

Issuance of a green bond

The fourth priority is after the completion of AMK the issuance of a green bond that will be used to refinance the bond of the Kallitsantsi administration, amounting to 600 million euros, which was issued in 2019 with an interest rate of 6.4%. The goal is for the interest rate to fall below 4% so that the group can reduce its liabilities.

The calm after the storm experienced by the Ellactor group is the biggest goal to be able to run this quadruple bet successfully. This will help bring the group back to the top of the construction industry, which seems to have strengthened as the other strong clubs in the field have also secured significant contracts and the competition is expected to be extremely high.

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