Greek construction company Michaniki is opting for the Alternative Investment Market (AIM) of London in order to draw funds for important investments it has lined up abroad in the sector of property development. Sources suggest it plans the setting up of a holding company to incorporate the group’s five subsidiaries in Bulgaria, Egypt, Belarus, Ukraine and Russia. Then the holding company is to make a public listing on the AIM, as this market offers faster listing and less bureaucracy than the London Stock Exchange. The investing public will probably have access to about 25 percent of the holding company.

Morgan Stanley said in a report yesterday that the catalyst for the future course of OTE’s stock would be the outcome of the general elections on September 16. If the ruling conservative New Democracy Party wins, then the stock could rise up to 25 percent, to 29.2 euros, while if opposition PASOK is voted in, the stock may decline up to 15 percent, to between 20 and 21 euros. Morgan Stanley believes that an ND win would mean that the pension reform program at OTE will continue, along with staff cuts and promoting its privatization.

Coke bottler Coca-Cola HBC (CCHBC) said yesterday it is waiting for a court ruling on a fine the world’s second-largest bottler of Coca-Cola paid last year for breaching competition rules. A Greek newspaper reported on Sunday that an Athens appeals court reduced to 6 million euros from 8.7 million euros a fine the Greek competition committee had imposed on the bottler for failing to comply with competition rules. (Reuters)

Bulgaria’s privatization agency has extended by three weeks, until November 8, the deadline for non-binding bids for a 70 percent stake in maritime operator Navibulgar, it said yesterday. Some 23 companies and legal entities have bought documents for the sale, which industry sources have estimated may fetch up to 500 million euros. “Because of some non-working days and the large number of interested investors, we are extending the deadline to give them more time to prepare the necessary documents,” the agency said in a statement. (Reuters)

Aegean Airlines is in exclusive negotiations for the acquisition of Romanian airline Blue Air, according to a report in the Romanian newspaper ZiarulFinanciar. Blue Air is the only low-cost, no-frills airline in the Balkan country, while the decision as to whether the acquisition will be completed or not is expected to be taken in September.