AVAX: Examines the sale of non-core assets

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By Eleni Botas

The sale of non-core assets to ensure liquidity in order to implement PPP projects, concessions, etc. examined by the management of AVAX.

As stated by the Group’s management during yesterday’s Ordinary General Meeting, at this stage it is not considering the possibility of increasing its share capital or issuing a bond (as international conditions do not favor such a thing), but also the sale of non core assets.

The sale of Volterra’s retail sector is already being investigated, with AVAX having already proceeded with the sale of the company’s RES portfolio to PPC Renewables https://www.capital.gr/epixeiriseis/3640032/ti-simainei-gia-tin -abax-i-polisi-tis-volterra.

Referring to the course of 2021, the management of AVAX stated that it managed to significantly increase its turnover, while it is the first company (among the Construction Groups), with the largest turnover of projects from abroad, which at the end of the year was of the order of EUR 575 million.

At the end of 2021, the backlog was 1.4 billion euros, while in 2022 it signed new contracts, raising the balance of its backlog to 2.2 billion euros.

The work of Elliniko

The possibility of further cooperation with Lamda Development in the residential projects of Elliniko was left open by the management of ABAX, which has undertaken the infrastructure projects of the project.

Regarding what was mentioned in the Ordinary General, the CEO of Lamda Development Od. Athanassiou that in any case of cost adjustment Lamda Development will negotiate with AVAX which is the contractor of the infrastructure projects for the “sharing” of the burden, the management of the construction group stated that in the contract there are clauses that will be activated.

Asked by capital whether there are shortages of materials or when it is estimated that we will have a balance of prices, the management of the Construction Group stated that there are currently no shortages of materials but delays in orders, due to problems in the international supply chain.

As for when we will see a de-escalation of prices, he stressed that this can not be predicted “and last year we estimated that something like this would happen in 2022, but it did not happen.”

Delivery of line 3 in September

The delivery of line 3 of the Metro is expected next September with the completion of the three stations “Maniatika”, “Piraeus” and “Municipal Theater”.

Already, the 3 stations “Agia Varvara”, “Korydallos” and “Nikaia” have been delivered for use to the passenger public, while with the complete delivery of line 3, an important transport center is planned to be created at Piraeus station.

As the management of ABAX stated “we are very happy and proud that we have managed in the last two years to proceed with the project under the prevailing global conditions, due to a pandemic”.

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Source: Capital

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