All options on the table for the future of AKTOR after its acquisition by INTRAKAT

INTRAKAT will have to wait for about three months, that is, until the acquisition of AKTOR is completed, as it will have to wait for the approval of the Competition Commission. Until then, as the CEO of the company Alexandros Exarchou, said in a meeting with journalists, the two companies will operate autonomously and independently.

When the deal is closed, then INTRAKAT will make its final decisions on how it will move, having AKTOR on its side. Essentially, it will have to decide whether AKTOR will eventually be absorbed or whether it will exist as a separate corporate entity, under the Group of Companies of the investment trio Baku, Kaymenakis, Exarchou.

AKTOR, as underlined by Mr. Exarchou, will give INTRAKAT a new level in its presence in the domestic construction scene. To this day, in order to participate in major tenders, the company “borrows” experience from foreign companies many times at considerable cost.

AKTOR’s great experience and presence in the country’s major projects will prepare the ground, according to the head of INTRAKAT, so the company will be able to participate equally in any type of project it wants to participate in.

Regarding “what he bought”, Mr. Exarchou stated that the unutilized amount of 2.7 billion euros is healthy as the 2 billion euros were acquired mainly in the last three years from contracts with low discounts and satisfactory profit margins, despite constant price increases in materials.

The acquisition of AKTOR cost 100 million euros as an amount that will be given to the Ellaktor Group and the additional 114 million euros will be given as a return of intra-group loans over a period of 19 months. However, the possibility of a new Share Capital Increase (SCA) was ruled out since, as noted by the strong man of INTRAKAT, the 100 million euros are secured by 57 million euros from the previous capital increase and by 43 million euros through bank borrowing.

Also interesting was the point where he mentioned that the acquisition of AKTOR was not done based on any due diligence but based on the financial results of 2022. In the interim until the final closure, there will be an INTRAKAT executive at AKTOR.

Regarding the progress of the projects and the cooperation with AKTOR CONCESSIONS, Mr. Exarchou noted that the agreement provides for concession projects and PPPs, but without being absolutely binding for both sides. This will be considered and decided on a case-by-case basis.

He also closed the issue – for the time being – of new acquisitions and predicted a continuation of investment moves in the sixth grade companies where there is also a large concentration. Finally, the head of INTRAKAT revealed that 7% raises were given to the company’s staff and that when AKTOR “ties up” with the Group there will be joint remuneration strategies for both companies.