Dutch investment fund Reggeborgh Invest is set to liquidate its entire 28.181% stake in Greek construction company GEK Terna in a deal valued at some 300 million euros.
That money will be invested in Greece, mainly in the Ellaktor group. Sources close to the Dutch group said yesterday that the process has already started for the provision of a bridge loan to Ellaktor in order to tackle liquidity issues that its subsidiary Aktor is facing, and to normalize the execution of projects and the overall operation of the company. That loan will be returned through a share capital increase that is also in the final stage of planning.
The finalizing of the details for the agreement to divest from GEK Terna appear to have been completed late on Wednesday, as up until then it was understood that Reggeborgh would maintain a stake in the Athens-listed group.
The deal now renders chairman and chief executive officer Giorgos Peristeris the dominant factor in the company, as he is set to acquire most of the shares the Dutch group is conceding for about €200 million.
From his current stake of 16%, Peristeris will find himself with a stake close to 33%. An additional holding between 7% and 10% will be acquired by companies controlled by Marianna Latsi. The remainder of the shares to be sold (less than 5% of GEK Terna) may be sold to another party or through the stock market.
Reggeborgh Invest itself declared its intention on Thursday morning in a statement, confirming that while it has agreed to divest from GEK Terna it will maintain and strengthen its other investments in Greece because it deeply believes in the future of the Greek economy and the country.
The capital gains of the Dutch company from the investment in the Greek constructor are considerable, as the price at which it bought GEK Terna’s shares ranged between €4.80 and €5.50 each, investing some €160-170 million in total. It is therefore reaping almost twice as much as it has invested in the company.