ECONOMY

In Brief

Gov’t sees four privatization schemes coming to maturity The Public Power Corporation (PPC) will float a further 10-15 percent stake on the Athens bourse by the end of November, Development Minister Akis Tsochadzopoulos said after a meeting with Economy Minister Nikos Christodoulakis. Discussion centered on privatization plans for marinas, Hellenic Petroleum – which is in negotiations for the sale of a 23 percent stake to a consortium led by Russia’s Lukoil, the Public Gas Corporation (DEPA) and the PPC. Tsochadzopoulos said procedures were reaching the stage of «maturity» and a presentation of DEPA to investors will follow in the coming days. Telestet reports robust expansion of customer base in third quarter Mobile operator Stet Hellas said its total number of customers under the Telestet label was 18.5 percent higher at 2,357,320 on September 30 from a year earlier. Total additions in the third quarter (Q3) were 73,254, of which 52,236 were prepaid. The number of prepaid customers represent 68.3 percent of the total customer base. The firm said in a statement it enjoyed firm growth in the high-end business segment that accounts for 26.5 percent of all contract customers. Telestet’s market share trails third behind CosmOTE and Vodafone. Alumil Base metals firm Alumil has set up two new subsidiaries in Greece and Cyprus, part of its investment program until 2004 which aims to expand sales and profits, realize significant capital values and increase penetration of foreign markets. The first, Alufil, based in Kilkis, northern Greece, will produce aluminum products for industrial uses and Alucobond composite sheets, under the brand J-bond, for external covers of buildings. The plant costs 16.5 million euros. Alumil CY Ltd in Cyprus will start as a commercial firm but may expand into production depending on demand from the broader Middle East. Alumil, a listed firm which already has 18 subsidiaries abroad, expects to post profit growth from 6.9 million euros in 2001 to 7.6 million in 2002. AIA Alfred van der Meer is assuming duties tomorrow as chief executive officer of Athens International Airport, succeeding Matthias Mitscherlich who is taking up the post of chairman of Germany’s Ferrostaal AG. Van der Meer, a civil engineer by training, has to date been managing director of Amsterdam’s Schipol airport. Daring issue Shareholders of wire manufacturer Daring approved a 13-million-euro convertible bond rights issue. The loan will be for three years, divided into 129,407 registered bonds at a price of 100.84 euros each. Each bond can be converted into 56 common registered shares, nominally priced 1.72 euros each, two months after the issue. Car leasing Alpha Bank is to shed its respective stakes of 63 and 27 percent in the car-leasing firms Systima Kinisis and Vatek which it has held since 1998. Sarantis Personal care products maker Sarantis will buy the remaining 45 percent stake of Pharmacare for 1.76 million euros. Plans include merging with Lobelin, importer of Lanes and Panax.