ETA to be listed in the autumn

The government will float 25 percent of Hellenic Tourism Properties (ETA) by November as part of its state asset sales agenda to reduce debt, eying proceeds of about 150 million euros, ETA officials said yesterday. «The flotation will take place in October or November 15 at the latest. Due diligence has been completed; we expect to raise about 150 million euros,» ETA Managing Director Tassos Homenidis told reporters at the company’s annual assembly. Lead underwriters for the public offering will be EFG Eurobank-Ergasias, Alpha Bank and Commercial Bank with EFG Telesis Finance as the issue adviser. ETA is the asset-management arm of the Greek National Tourism Organization (GNTO). It manages GNTO real estate including hotels, beaches, camps, casinos, golf facilities and marinas. ETA’s portfolio includes 340 properties, 70,000 hectares in choice tourism locations throughout Greece. Applying a public-private partnership model, ETA seeks to refurbish assets to render its tourism offer more appealing and competitive. A case in point is the recent privatization of three marinas in Athens and Piraeus in view of the 2004 Olympic Games in the Greek capital, which will bring in 84 million euros to spruce up the facilities. Last summer, ETA sold 49 percent of Athens’ run-down Mont Parnes casino to a private consortium for 120 million euros.

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