ECONOMY

Avax sets independent course with name change

avax-sets-independent-course-with-name-change

Athens-listed construction company Avax SA removed the initials J&P from its name on Wednesday, signaling a new start independent of the bankrupt Cypriot group.

The objective of the Greek company is to avoid any negative connotations and to reposition the group during what is a difficult financial juncture for Avax.

On Wednesday the construction company’s management did not rule out the sale of one or more of the firm’s properties in order to raise the necessary liquidity to increase its participation in concession projects and public-private partnerships that will be the core of its activities in the future.

In that context all of the projects that Avax is currently involved in will now be reassessed, in a bid to establish any possible benefits from liquidations compared to the cost such a move would have on the company’s profits.

In the context of the company’s general meeting of shareholders, the eagerly anticipated 20-million-euro share capital increase was also approved, through the issue of 66.6 million shares with a nominal value of 0.3 euros per share.