Momentum at Viohalco group, Greece’s largest industrial group, has hit a high, both at a business level and on the Athens bourse. With internal balances fully restored, following changes that took place last September, the group is now on a strong trajectory at all levels.
Global projects that upgrade its profile internationally, ElvalHalcor’s exemption from US tariffs on aluminum imports, the entry of the parent company into the Stoxx index, but also resilient results, form the positive picture.
In this context, management is examining ways that will contribute to the further globalization of the group and the strengthening of its brand, while attracting more investment funds.
Sources told BusinessDaily, that a placement of up to 10 percent of ElvalHalcor shares to international investors is due in the next few days. The placement had been scheduled to take place at the end of March, but due to conditions, it has been pushed back to the first of April.
The aim is to increase the free float of ElvalHalcor, which will pave the way for the share’s listing on the FTSE 25 index, making it more attractive to investment funds. Management considers that the situation is ideal, as evidenced by the strong demand shown for bonds in PPC and Motor Oil.
Besides, ElvalHalcor with a capitalization of 885 million euros, is in 18th place on the Athens bourse, surpassing many large cap companies such as EYDAP, Sarantis, IPTO, OLP, Piraeus Financial, Aegean Airlines, Ellaktor, HELEX and Fourlis.
However, the limited free float is an issue as the Viohalco group controls 91.44 percent of the shares, so the goal is to reduce the stake through a placement.
Yesterday, ElvalHalcor shares closed at 2.36 euros, up 5.36 percent, while on Monday it jumped 10.34 percent. The 2.36 euros are historically high for the share, after the merger of Elval and Halkor into a corporate entity 4 years ago.
On March 22, Viohalco shares were boosted after joining the Stoxx Developed and Emerging Markets Total Market, Stoxx Emerging Markets Total Market, Stoxx Eastern Europe Total Market and Stoxx All Europe Total Market indices.
The other listed company of the group, Cenergy Holdings move 9.66 percent higher, closing at a high of 2.44 euros, after Hellenic Cables and Corinth Pipeworks joined forces under a common umbrella.
Cenergy Holdings is now valued at 464 million euros and is in 24th place among compaies listed on the Athens stock exchange.
Last September, Evangelos Stasinopoulos - a major shareholder together with his brother Nikos - donated 18.99 percent of Viohalco shares to Social and Cultural Affairs Welfare Foundation (KIKPE). Hippocrates Ioannis Stasinopoulos, son of Nikos Stasinopoulos, heads the KIKPE Foundation, controlling voting rights on the shares held by the Foundation.
In November, Hippocrates Ioannis Stasinopoulos took over as CEO of Viohalco. Recently, on March 4, 4.27 percent of Viohalco shares were transferred to the KIKPE Foundation by Ev. Stasinopoulos, who reduced his participation to below 20 percent, while respectively the percentage of the KIKPE Foundation increased to 23.25 percent and the stake held by Hippocrates Ioannis Stasinopoulos reached 27.92 percent.