her Eleni Bota
“The entry of shipowners Baku – Kaimenakis – Exarchos into INTRACAT with liquidity as a weapon will allow the construction Group to implement an ambitious business plan with a long-term horizon in both construction and energy and to “unlock” surplus values”.
This is supported by sources, that it is the main direction and targeting for the next day, of the new shareholders of INTRAKAT who acquired 31.7% of the company yesterday through the stock market at a price of 2.95 euros per share against 70.1 million. euro.
The transaction was made through Winex Investments Limited, a company of interests of Messrs. Baku, Kaymenakis and Exarchou, while Intracom Holding was agreed to maintain a 5.09% stake in INTRAKAT.
Sources close to the Group say that Intrakom Holdings is reducing its participation but not leaving. He will be a passive investor, but with a significant percentage, he will monitor the course of the company and look forward to capital gains as a holding company.
He will not participate in the management, he will be critical where necessary, since he wants to see the company he created in the field of construction grow and progress, but focusing on other activities himself”.
Yesterday, the transfer of shares to shipowners Kostas Angelou of Benelux Overseas and Ilias Gotsi of Eurotankers took place over the counter, with the former acquiring 13.6% and the latter 15.7% of INTRAKAT’s share capital at a price of 2.95 euros per share ie 29.3% of the company.
These percentages were acquired by Dimitris Theodoridis (owned 12.13%), Loukas Lazarakis and Dimos Stasinopoulos (10.10%) and Petros Suretis (6.20%), who are fully withdrawing from INTRAKAT’s share capital .
Therefore, the new main shareholders own 61% of the construction Group.
According to information, an extraordinary general meeting of the construction Group’s shareholders will be held on July 15 regarding the election of a new board of directors.
The position of managing director will be taken by A. Exarchou.
The role of D. Koutras
It remains unclear at this stage what will happen with the percentage of the until now Vice President of INTRACAT Dimitrios Koutras (participating with 8.13%), with some sources claiming that this is expected to be clarified within the next few hours.
Dimitrios Koutras, one of the oldest and most experienced executives with a long career in the construction industry (he was project manager and then President and CEO at AKTOR from 1978 until 2018), since January 2019 when he acquired 20% of INTRAKAT for 8 million euros, managed to “change category” the construction Group, increasing from 300 million to 1.1 billion the backlog of signed contracts of the Group.
“We are not acting in concert”
It is denied by the parties involved that the two shipping parties Bakos – Kaymenakis and Angelou – Gotsis are acting in concert (since in such a case it would require the submission of a public proposal).
“It is not a fund, but shipowners with a presence in the country’s business scene”, say relevant sources in the capital.
In fact, as the same sources claim, “Mr. Angelou and Gotsis wanted to make some significant investment in Greece. They considered that the change in the shareholding balance in INTRAKAT is the ideal opportunity. In this context, they approached Mr. Bako – Kaymenakis, and the other major shareholders of Intrakom Holdings in order to determine whether there is an interest in selling their shares if Intrakom Holdings exits.
Bilateral discussions were held with the prospective sellers and buyers, and they reached agreements similar to those that Winex made with Intrakom Holdings, since apparently their participation as well as the sale by the sellers was directly affected by the outcome of the discussions between Intrakom Holdings and Winex”.
“The newly entrant shareholders are important and self-sufficient business entities that obviously expect significant returns by taking advantage of what they consider to be a favorable investment situation”, they emphasize.
INTRAKAT among the top five in the industry
One of the five largest companies in the construction industry, INTRAKAT has managed to reach its backlog of signed contracts to 1.1 billion euros, while participating in PPP tenders, having been preselected in a total of 12 projects, with a budget of 1.5 billion euros about.
Its portfolio of projects includes the undergrounding of the railway line in Sepolia, the settlement of the Eschatia stream, the study and construction of the Paphos-Chrysochou highway in Cyprus, as well as its selection in a joint venture with the French company Bouygues, which was selected by Lamda Development as a consultant with the form of Early Contractor Involvement (ECI) for the construction of the Residential Tower in Elliniko Marina (Riviera Tower).
In the next period, he expects the signing of contracts for the projects of the Athens railway station with a budget of 33.9 million euros, the DEDDIE contracts for the construction of distribution networks in the amount of 155 million euros and the extension of Kymi Avenue in the amount of 350 million euros together with the companies TERNA and AKTOR.
Intrakat is also a temporary contractor on the road axis Kalamata – Rizomylos-Pylos-Methoni, with a budget of 252 million euros together with Aktor Parachoresis and on BOAK, in the Hersonissos – Neapoli section, with a budget of 192.5 million euros together with GEK TERNA and ACTOR Concessions.
In the energy sector, Intrakat has 100 MW of wind turbines licensed, 100 MW with definitive connection conditions and 500 MW for which environmental licensing is in progress and 350 MW of photovoltaics are awaiting connection conditions.
By the end of the year, according to the management’s estimates, it will have “ripened” a “green” portfolio with a total capacity of 1 GW to the stage of environmental licensing, while it has received permits for storage units with a total capacity of 500 MW.