METKA ponders move out of Greece

Evangelos Mytilineos, the president of one of the country?s biggest business groups, Mytilineos, expressed his worry about political instability in Greece and warned he might move his flagship company METKA out of the country.

Mytilineos suggested that the seat of the electrical energy plant construction company could move as ?its Greek origin? is causing problems to efforts to bolster its competitiveness in the international market.

?We are retaining our Greek origin until further notice,? said Yiannis Mytilineos, METKA?s chairman and chief executive, as he addressed shareholders. He also confirmed that there is pressure from institutional investors, analysts and company officials for a change of domicile.

Evangelos Mytilineos said the group did reasonably well in 2011, with a dividend of 0.75 euros per share approved yesterday, but appeared particularly worried about the future.

?We have to act in terms of our finances on extremely conservative terms. At the moment the survival of the group is paramount and then we have the satisfaction of shareholders,? he said in response to a question about the possibility of returning shares.