Aktor taking over AEGEK build projects

Construction firm Aktor and the creditors of rival firm AEGEK signed on Monday a memorandum of understanding with a view to a full agreement by May 31 for the Ellaktor subsidiary to undertake the management of the projects of AEGEK without any other obligation.

Aktor will acquire 80 percent of AEGEK Constructions, which is a 100-percent subsidiary of the AEGEK Group, but its shares will previously be transformed into preferred stock without voting rights. This solution has been chosen as it will not burden Aktor with any of AEGEK’s additional obligations and debts.

Aktor officials told Kathimerini on Monday that if in a few years’ time their company sees significant value in AEGEK Constructions it may choose to proceed with its acquisition, but for now it will be restricting itself to managing its projects. According to the memorandum Aktor is acquiring no more than 4.992 percent of parent group AEGEK.

Among the projects that AEGEK is involved in is the Thessaloniki metro, a project that has run into a host of problems. Aktor’s parent company, Ellaktor, is involved in the extension of the metro to Kalamaria.