Stock exchange listing for 30% of Athens Intl’ Airport

The Hellenic Republic Asset Development Fund-HRADF is examining alternative scenarios for exploiting 30% of Athens airport’s shares. The recovery of passenger traffic at Greek airports, the growing tourist flows, but also the resilience shown by “Eleftherios Venizelos” airport during the pandemic, improve such prospects. The sale of 30% of HRADF’s shares in the concession company through the stock exchange is one of the most likely alternatives.

The tender for the sale of 30% of Athens International Airport began most auspiciously at the end of 2019, a few months before the outbreak of the pandemic. The information about great international investment interest was confirmed, as the Athens airport had already achieved another historical passenger traffic record. But the coronavirus overturned everything, putting on ice the flagship privatization program, which was hoped to bring more than 1.5 billion euros into state coffers.

Read also – “Eleftherios Venizelos” Airport: Traffic is climbing to 2019 levels

Exploiting existing shares

The recovery once again puts on the table the utilization of the percentage held by the HRADF. The administration is carefully considering alternative scenarios, given that the competition that is currently on ice began three years ago under completely different circumstances. In the second phase of the competition, 9 bidders passed, including international business groups, capital management companies and large funds.

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Today, all scenarios are open, such as continuing the process from where it left off, a solution that is also not at all easy, or reopening the process. Apart from the possibility that the intentions or even the capabilities of the initially interested parties have changed, there are probably today other interested parties who did not enter the race then.

With an eye on the Athens Stock Exchange

At the moment, the best alternative appears to be the disposal of the percentage held by HRADF through a stock market transaction, thus opening the way for the participation of Greek small shareholdersin the revenues of the airport and .

In any case, as pointed out yesterday by HRADF managing director Dimitris Politis speaking to journalists, decisions are expected soon. “We are looking very carefully at what we will do with the 30% of AIA. The rates of recovery are very encouraging and we have to give credit for the airport returning to 2019 numbers without the problems faced by other international airports. It is functioning in an exemplary fashion,” he said.