The president and CEO of the AKTOR Group, Alexandros Exarchou, has left open the possibility that the upcoming share capital increase (SCI) could exceed €650 million. During the shareholders’ general assembly, Mr. Exarchou added that this will likely be accompanied by a reduction in the stakes held by major shareholders, as the goal is to attract large international investors and increase the stock’s free float.
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Mr. Exarchou also confirmed that the agreement with Motor Oil for the acquisition of a 75% stake in HELECTOR and Thalis is expected to be completed by September, and revealed that among the group’s strategic objectives is the listing of AKTOR Renewables as an independent company on the Athens Stock Exchange by 2030.
AKTOR: What Alexandros Exarchou said about the upcoming share capital increase
As he noted, management will evaluate the possibility of increasing the total size of the SCI based on subscriptions in the book of demand, which he announced is expected to open on Monday or Tuesday. “Oversubscription is significant, and we already know this from the shadow book,” he remarked, implying that investor interest is particularly strong.
Management’s strategic choice
Mr. Exarchou further explained that management’s strategic choice is to broaden the shareholder base and increase the free float in order to attract more international institutional investors. He stated that the major shareholders had expressed their intention to participate in the capital increase with approximately €350 million; however, management is seeking to limit their participation — with the exception of shareholders who would otherwise fall below the 3% threshold — so as to increase the stock’s dispersion. This interest, he noted, was also confirmed during recent roadshows that management conducted in the United States and Europe.
The partnership with Motor Oil
He made particular reference to the partnership with Motor Oil, which he described as pivotal to the group’s new business strategy. He emphasized that the joint development of the FSRU “Dioryx Gas” adds significant value, as it not only secures future LNG revenues but also strengthens the profitability of that business activity.
The agreement for the acquisition of a 75% stake in HELECTOR and Thalis
Also part of this framework is the agreement for the acquisition of a 75% stake in HELECTOR and Thalis. Mr. Exarchou stated that the two parties are in exclusive negotiations until September and expressed confidence that the transaction will be completed by then. He stressed that this particular acquisition will lead to a significant increase in revenues from activities that generate recurring cash flows — a core strategic objective for AKTOR.
Special emphasis on renewable energy
He also placed particular emphasis on the renewable energy sector, noting that the capital increase will significantly accelerate the group’s investment programme. According to the plan, by the end of the year AKTOR will have an operational portfolio of 500 MW, including photovoltaic projects and energy storage units, with a target of reaching 1 GW of capacity by 2027. The group is also in negotiations for the acquisition of two battery parks in Bulgaria.
The ultimate goal: building a fully vertically integrated energy platform
The ultimate goal, as Mr. Exarchou revealed, is to create a fully vertically integrated energy platform encompassing generation, storage, and retail electricity operations — so that by 2030 the conditions are ripe for the listing of AKTOR Renewables as an independent publicly traded company on the Athens Stock Exchange.
“We are not reducing our presence in construction”
Mr. Exarchou also made clear that the group’s diversification strategy does not mean withdrawing from the construction sector. “We are not reducing our presence in construction. We are aiming to strengthen it, while simultaneously creating safe and predictable cash flows from other activities,” he stated. As he explained, construction will continue to be the group’s primary pillar, while concessions, the circular economy, LNG, and renewables will enhance the quality and stability of financial results.
“Next year the company will be completely different”
Mr. Exarchou appeared particularly optimistic about the group’s trajectory, noting that the company is nearing the end of its transition period. “This is the last time I will look back and make comparisons with the past. Next year the company will be completely different, and there will be no point in that exercise,” he said, recalling that over the past few years he has presented the company’s transformation plan dozens of times.
Closing his remarks, he underlined that with the completion of the capital increase and the international bond issuance, the financing foundation of the investment plan will be fully in place. “With the completion of this SCI, combined with the bond, we are completing the effort we began to make AKTOR great again. It will become the largest and healthiest company in its sector in Southeast Europe,” he concluded.
What Giorgos Adamopoulos highlighted
For his part, the group’s CFO, Giorgos Adamopoulos, explained that the €3 billion investment programme will be funded through equity, project finance, and the €300 million international bond issuance. He noted that the capital structure has been designed to maintain a net debt-to-EBITDA ratio of approximately 4x — a level he described as entirely healthy for a group with a strong presence in concessions and one capable of securing additional bank financing for future investments.
