Mytilineos CEO, founder leaves open possibility of transferring group’s HQ outside Greece

Mytilineos Holdings CEO and chairman Evangelos Mytilineos on Thursday told a general shareholders’ meeting in Athens that he’s faced pressure by major shareholder to transfer its headquarters abroad, ostensibly to increase valuation.

In answer to a question by ot.gr at the end of his presentation, he said: “This is a sensitive issue amid a politically sensitive period. I don’t want to create any problem to anyone ahead of the elections, as whatever answer I might give could be exploited. I’ll give my answer on July 27 after the publication of the group’s six-month results.”

Mytilineos added that if the country again achieved an investment grade rating, possibly this year, such a development would translate into a sizable increase in FDIs flowing into Greece.

“The investment grade is something very important, however, there’s something even more important, namely, placing Greece among developed markets, as its the only market in the Eurozone, if not in the EU, that’s considered a developing market,” he clarified.

Referring to the group’s forecast for the year, Mytilineos said it could easily exceed one billion euros in EBITDA.

On the investments front, Mytilineos said the group has finalized purchase agreements for five photovoltaic units in Alberta, Canada. The units were purchased from Westbridge Renewable Energy Corp., with an anticipated aggregate capacity of 1.4 GW.

He also cited the prospect of the group building and operating a new aluminum manufacturing plant, while adding that if this investment materializes, it will take place outside of Europe.