AIA gears up for Athens listing
The two main shareholders of Athens International Airport have reached an agreement in principle on the basic parameters of its listing on the Athens Stock Exchange.
Although there are still a number of critical details that need to be clarified, mainly related to post-listing corporate governance issues, it is estimated that all pending matters will be cleared within the first weeks of January and the drafting of the listing prospectus will proceed so that to make its way to approval by the Capital Market Commission. It is estimated that the process, barring unforeseen circumstances, could be completed within the first quarter of 2023.
Besides state asset fund TAIPED, which owns a 30% stake to be allocated upon listing, are also the state Superfund (HCAP) with 25%, which it will keep in its portfolio, AviAlliance GmbH (26.7%) and AviAlliance Capital GmbH (13.3%), both controlled by Canadian insurance fund PSP Investments, and the Dimitris Copelouzos family (5%).
Kathimerini understands the agreement between the state and PSP Investments (which controls a total of 40% and the management) provides for the right of the latter to acquire, upon the listing of TAIPED’s shares, an additional 10% at a significant premium in relation to the price of the share that will be formed during the public subscription. According to market sources, the capitalization that AIA can achieve is around 3 billion euros.
The same sources explain that its high dividend performance over time, combined with the growth prospects and the successful track record of the management, as well as the extension of the concession contract until 2046, voted in 2019, can safeguard significant investment interest from both institutional and private investors.
This means that the state revenue from the listing, if the 10% premium is taken into account, could approach or even exceed €1 billion. At the same time, the state will maintain a 25% stake which will remain in the Superfund’s portfolio and which can be utilized at any time, since it will now be listed on the free market.
Crucially, with the bourse listing the remaining holding of the state will acquire a measurable value.
