A long-awaited privatization process for the Hellenic Aerospace Industry (HAI), the state-run aviation defense contractor in Greece, commenced last week, with the relevant development and investments ministry reportedly issuing an invitation of interest to a handful of major North American and European multinationals on Thursday.
According to an announcement, the Mitsotakis government is seeking a strategic investor that will participate in HAI’s share capital with a 49-percent stake.
Interested and eligible companies and consortia will have a deadline of Feb. 10, 2023 to submit an expression of interest.
According to reports, invitations were sent to four and possibly five major companies active in the aerospace sector, with one criteria being an annual turnover exceeding five billion euros.
The center-right Mitsotakis government, true to its campaign pledges to privatize or partially privatize a bevy of state-run concerns, foresees HAI’s division into two companies, one retaining assets and infrastructure, and the other transformed into a wholly commercial entity. The 49-percent stake affects the latter.
In fiscal 2021, the last year in which results were published, HAI showed after-tax profits of 1.5 million euros, compared to losses of 18.7 million euros in 2020.
Turnover reached 74.8 million euros in 2021, up from 49.1 million euros in 2020, an increase of 52.2 percent.
Latest News
Cyprus Energy Regulatory Authority Approves GSI Project
Progress for the landmark undersea power cable had stalled after disputes between the regulatory authorities of Greece and Cyprus over cost- and risk-sharing
Greek Public Sector Debts Surge, Exposing Growing Arrears
Public sector debts to private entities have once again increased in Greece, reaching 3.2 billion euros in July 2024
Greece: 1 in 10 of Greece’s Poor Can’t Cover Health-Related Costs
Greece has the greatest degree of social inequality in relation to unmet health needs among 26 OECD countries.
ELSTAT: Greek Tourism and Dining Revenue Up in July 2024, Major Islands Experience Decline
Both the islands of Mykonos and Santorini saw decreases in their accommodation and food service revenues.
Greece Posts €1.37 Billion Cash Primary Surplus in First Eight Months of 2024
Specifically, from Jan. to Aug. 2024, the central government recorded a cash surplus of 1.368 billion euros, compared to a deficit of 964 million euros in the same period of 2023.
Greece to Launch 600-Mln-Euro Greenhouse Program
The greenhouse sector is already one of the most dynamic areas within the primary sector and presents a viable solution to the pressing issues caused by the climate crisis.
Greece Tops EU in Non-Performing Loans (NPLs)
The country has 3.3% compared to the Union’s 1.9% average in the first quarter of 2024, according to a study by OCTANE Management Consultants, an Athens-based business consulting and services firm.
Eurostat: Greek Inflation at 3.2% in August, Eurozone at 2.2%
The annual inflation rate for the European Union was 2.4% in August 2024, down from 2.8% in July, while a year earlier, it stood at 5.9%.
Eurobank: Green Bond Oversubscribed by 5.4 Times
This allowed Eurobank to raise 850 million euros and reduce the bond’s credit spread to 180 basis points, down from the initial indicative offer of 210 basis points.
Greece to Reissue 10-Year Bond on Wednesday
The purpose of the reissuance of these Greek government bonds is to meet investor demand while also facilitating the functioning of the secondary bond market.