ECONOMY

ETA heads heads for ASE listing in 2002

Hellenic Tourist Properties (ETA), the asset management arm of the Greek National Tourist Organization, has appointed three underwriters to prepare for its flotation on the Athens Stock Exchange scheduled for the first half of 2002. The move should give a welcome boost to the government’s stumbling privatization program. Three of the biggest projects involving the disposal of state-owned enterprises – national flag carrier Olympic Airways, the Hellenic Industrial Development Bank and electricity utility Public Power Corporation – have all been bogged down in the midst of the privatization process, partly due to the global economic crisis. ETA’s market listing will be handled by Alpha Bank, EFG Eurobank Ergasias and Commercial Bank. Telesis Securities and Fuji Bank will act as issue advisers. The latter has also been appointed financial adviser along with ETA. The flotation is expected in the first half of 2002, ETA said in a statement yesterday. The company’s own list of assets for disposal includes the marinas at Zea, Alimos and Flisvos, the Avavyssos salt works, the golf course at Afontos on the island of Rhodes, and the casino on Mount Parnitha. ETA last month invited investors to submit non-binding proposals for the three marinas. The concessions which include a share stake are expected to be awarded in March 2002. The tender for expressions of interest in the Rhodes golf course will be published on November 30 and the process finalized in June 2002. The successful bidder will be required to upgrade the facility, develop a mythological theme park and construct a hotel as well. Fuji Bank is the financial adviser and consulting company Kantor, the administrative advisor. Plans to build an exhibition center at the Hellenikon airport will take shape on December 15 with the launch of a tender for the expressions of interest. The competition is due to end in May 2002. Kantor will be advising the privatization process. Already under way, the tender for the Parnitha casino is due to conclude in March 2002. The concession includes a stake of up to 51 percent for the investor together with management rights. The privatization adviser is Kantor.