A draft law completing the necessary institutional prerequisites for the Athens International Airport ‘Eleftherios Venizelos’ (AIA) shares to be traded on the Athens Stock Exchange was tabled in the Greek parliament on Friday.
The bill ratified the December 7 agreement between the Greek state and AIA that amended the initial agreement (1995) on the airport’s development to trade the shares. Some of the amendments include abolishing restrictions on non-state shareholder ownership of shares and changes related to corporate governance, particularly changes in management roles.
Currently, the shareholders of AIA include the Superfund (25%), the Hellenic Republic Asset Development Fund (30%), subsidiary Avi Alliance Gmbh (40% + 60 shares) of Canada-based insurance fund PSP Investments, and the D. Kopelouzos family (5% – 60 shares).
The 30% held by HRADF will be available to institutional investors and the investment public, as well as to existing private shareholders through private placement.
Aegean Airlines
The same draft law includes the ratification of the agreement with Aegean for the purchase of the company’s stock options (warrants) for 85.4 million euros, which the state has already received.
Aegean bought back the company’s stock options issued in 2021 in the context of getting financial support during the coronavirus epidemic. When the agreement with Aegean was reached in 2021, the stock price was 5.5 euros. The price taken into account to calculate the amount the state would receive (the average share price between August 11-November 3, 2023) was 11.43 euros. If the process had taken place today instead of early in November, the state would have received 2.8 million euros less.
