Hello, happy holidays with health, happiness, tranquility, and energy together (if possible). So, I’ll start this column after the first holiday break with a seasonal statistic I learned informally. Last Friday, December 27th, more than 370,000 visitors passed through the Golden Hall for their strolls and shopping. To this, let’s add the fact that nearly all the winter tourist destinations in the country, especially areas close to ski resorts, were fully booked, to the point where traffic resembled Kifisias Avenue. Now, about those electric cars that blocked Parnassos because their batteries ran out…okay, it may have happened, but the main reason isn’t that. Arachova becomes a complete traffic nightmare every winter weekend due to the insistence of some local interests on not building a bypass road, forcing all traffic through the village’s single narrow road, lest any customers are lost to the shops. Anyway, those who go know what to expect.

The K.M. short list for President of the Republic…

Moving away from the holiday mood to the next big thing in politics, which will necessarily surface around the end of January: the selection of the President of the Republic. Let me emphasize that I’m sharing the latest updates I’ve heard on the matter, not “the news,” because if I had the news from the sole source that decides, I’d make it headline material. However, I hear that K.M. is gradually shaping a shortlist of names for this important position. On the table is the current president, Sakellaropoulou, whose primary advantage for staying on, paradoxical as it may sound, is that it’s hard to justify to the public “why she shouldn’t stay.” After all, barring surprises, the same prime minister grants a second term to the same President. Another reason for her retention is K.M.’s demonstration of power within the political system, especially since surveys show low public resistance to Sakellaropoulou’s pro-woke agenda ideas. While the party she attended on the night gay marriage was voted in Parliament didn’t make her unpopular, the President isn’t exactly a marvel of popularity either. Fundamentally, she doesn’t resonate with society. Another figure on the list as an alternative is the Speaker of the House, Tasoulas, who—ever since Dendias was ruled out as a possibility, despite being by far the most popular—represents a safe conservative choice with 160 votes guaranteed. However, this choice doesn’t serve the broader image of parliamentary support for K.M.’s selection.

The Venizelos case…

I’m told that Mendoni, despite being an excellent candidate, is no longer in the running because “she’s a very good minister in the government, and we don’t want to lose her—nearly all projects pass through her.” The same source told me that Stournaras was never really on the table (he’s also an active official like Mendoni), which likely explains why the central banker recently stated that “the country has a President who does her job very well.” Also present—but at the edge of the table—is the name of Papademos, and even further out, that of Damanaki. You might wonder why they’re being remembered now, but sometimes that’s just how things go. Think of how Sakellaropoulou or Sartzetakis were chosen by Mitsotakis and Papandreou. I’ve saved for last an outsider whose name has been in circulation for some time: Evangelos Venizelos. His name is on the list, and current polls indicate that among PASOK and ND voters, he no longer faces much negativity. I’m told he’s “doing well.” Venizelos serves and enhances K.M.’s centrist-left profile, obligates PASOK to vote for him, and it’s hard for any conservative MP to vote against him. Of course, Venizelos reminds people of the bailout era, right? Given his strong personality in everything, coupled with K.M.’s peculiar mindset that’s hard to read—unless he wants to reveal something—I remain skeptical about all the names, including Venizelos. Still, I’ve shared everything I knew and learned from my always reliable sources, leaving no sin behind as the new year begins.

The LNG maneuver and the five Greek buyers

A highly symbolic move just before the expiration of the transit agreement for Russian natural gas to Europe via Ukraine (on January 1, 2025) is the shipment of American LNG unloaded on Friday, December 27th, at DESFA’s facilities in Revithoussa. The order was made by the Ukrainian company DTEK at DESFA’s facilities and concerned a shipment of 1 terawatt-hour, although the Ukrainians will receive only crumbs from it. The shipment is intended for five Greek electricity producers: PPC, Motor Oil, DEPA, HERON, and ELPEDISON. The news, which the Ukrainians made sure to communicate to the international press, is that this is the first time a Ukrainian company has imported LNG from the US using Greece’s Revithoussa infrastructure. This aligns entirely with the EU’s strategy of reducing dependence on Russian gas at a time when the new US President, Donald Trump, has urged Europeans to offset the EU’s deficit with the US by massively buying LNG and American oil to be exempt from tariffs.

Who took over as CEO of Skyline

A name with three decades of experience in real estate, having collaborated with other well-known names in the field, has been appointed CEO of Skyline, the joint venture of ALPHA BANK and the consortium of Dimand, Premia, and EBRD. Dimitris Raptis brings extensive international real estate experience and is known for his tenure at the helm of the listed company Globalworth. This company evolved into one of the largest players in the real estate market in Central and Eastern Europe. It was founded in the early last decade by the renowned Ioannis Papalekas (who left Globalworth in 2020, returning to Greece via Yoda Group and now collaborating with Prodea Investments REIC). Earlier, Raptis had a long career in Deutsche Bank’s real estate division (Deutsche Bank Asset and Wealth Management – RREEF).

The “bonuses” and the return of Fais to the Stock Exchange

The die has been cast, and with the new year, Sami Fais’s return to the Athens Exchange through the listing of Fais Holdings SA (Fais Group) will become a reality. In recent days, several actions have been undertaken to prepare the company for the upcoming listing, including adding independent non-executive members to the new Board of Directors, now numbering eight members, renewing the Board’s authority to decide on share capital increases, including the method and price of the new shares, and activating a stock distribution program for executives, employees, and associates as a reward for the company’s listing on the Stock Exchange. According to the General Meeting decision published in GEMI, the reward will be conditional on the listing being completed by December 31, 2025, and cumulatively on the company’s sales and EBITDA for 2024 being at least at the same levels as in 2023. The program stipulates that the company will allocate common registered voting shares through the issuance of new shares by capitalizing undistributed profits with a relevant decision of the General Meeting. The number of shares to be allocated will correspond to a maximum of 728,500 shares, approximately 2% of the company’s paid-up share capital as of the General Meeting’s decision date. Eligible recipients will include executive Board members who also have employment contracts with the company, other employees, and salaried lawyers. Recipients will be required to retain at least 50% of these shares for a minimum of one year. Regarding the newly expanded Board of Directors, which is no longer merely a family affair, Lucy Fais, Sami Fais’s daughter, stepped down as a member, and independent non-executive members were added: Dimitris Kallitsantsis (as Vice President), Christodoulos Damianou, Athena Maria Kollia, and Alexandros Kriezis-Karrer (as simple Board members). Lucy Fais remains Chairperson and executive member, Sami Fais is the CEO (having relinquished his position as Vice President), and Mr. Hasdai Capon remains an executive member.

Continued conflicts at Viva

The legal dispute over Viva between WeRealize (WRL), owned by Haris Karonis and Makis Antypas, and JP Morgan continues, with a recent extraordinary General Meeting adding to the intrigue. On January 8, shareholders of the Greek fintech will discuss and decide on three issues: amending Articles 14 and 28 of the company’s Articles of Association, revising the stock option plan for employees, and updating shareholders on the stock option program, including the distribution of rights in December 2024. The amendment of these two articles is particularly interesting as, based on the current Articles of Association and barring any other changes, they relate to the scope of decisions the Board of Directors can make regarding company activities, transactions, financing, expenses, etc.

The troubles of Kypriotis

It’s not just the developments surrounding the “next day” for the Kypriotis hotel group that concern the (former) head and major shareholder of the business, Konstantinos Kypriotis. As a reminder, this is the largest hotel group on Kos, with five 4- and 5-star units. I hear that with the new year, other issues involving auctions are looming. Specifically, an auction is scheduled for July 23, initiated by Eurobank against Konstantinos Kypriotis. However, there is time until then, so a suspension is not out of the question. The auction involves a plot of land located in the Municipality of Agia Paraskevi, Attica, in the “Pefkakia” area, with an area of 292 sq.m. The plot is undeveloped, level, with low vegetation, unfenced, and fronts Solonos Street. It is characterized by high noise levels due to proximity to the Attiki Odos. The starting bid price is set at €136,000, and the seizure was imposed for an amount of €70,000, part of the adjudicated capital. The plot also carries certain “encumbrances,” including a pre-notation in favor of Attica Bank from 2014 for €200,000 and another in favor of Eurobank from 2017 for €150,000.

Departure from the Superfund

Theodore Kyriakopoulos recently resigned from his position as a non-executive member of the Superfund, despite his term officially ending in February. According to reports, the resignation is related to his next professional move. Kyriakopoulos, also a member of the Board of Directors at Attica Bank, was Chief Risk Officer at Piraeus Bank until 2020 and previously served as Managing Director in the Fixed Income Currencies and Commodities Trading department at Goldman Sachs. Before that, he worked at Market Axess Inc., Deutsche Bank, and PwC. It is noted that the Superfund (Growth Fund) is in the process of merging with HRADF and HFSF, a process expected to be completed early next year.

Dimitris Reppas joins Aktor’s Board of Directors

Speaking of departures, Antonis Diamataris’s name is no longer on the newly elected Board of Directors of AKTOR Group (formerly Intrakat), as he took on a role in another group months ago. A new addition to the Board is the former minister and well-known Arcadian, Dimitris Reppas.

HelleniQ Energy’s strategic moves

Last Friday, during the relaxed holiday session, HelleniQ Energy’s stock stood out with a 3.83% rise. December ends for HelleniQ Energy with a 10.52% gain, outperforming the FTSE25 Index (+4.32%) it is part of, as well as the General Index (+3.81%). At a price of €7.46 and a market capitalization of €2.28 billion, HelleniQ Energy has “unlocked” those who participated in the first placement in December 2023. Now, having implemented €2 billion in investments, it is making systematic strategic moves, acquiring 100% of Elpedison after divesting from DEPA Commercial and purchasing 110 MW solar power plants in Kozani.

A $1.2 Billion Jackpot in California Boosts Intralot

The past weekend was “golden” for a super lucky Californian who, after two consecutive jackpots, bought the Mega Millions ticket that won the astronomical amount of $1.22 billion. The consecutive jackpots also boosted the business of Intralot USA, and the results will be reflected in the fourth quarter of 2024. Significant changes occurred within the group, as Soohyung Kim has now taken a position on the Board of Directors, even serving as Vice President. The Korean-born investor is now the largest shareholder of the listed company with 26.6%. Soohyung Kim’s Standard General is the largest shareholder of Bally’s Corporation, the American gaming, betting, and entertainment company that controls 13 casinos in 10 U.S. states, a racetrack in Colorado, and online sports betting operations in 14 states. In 2020, the company acquired the rights to the Bally’s brand name from Caesars Entertainment and changed its name to Bally’s Corporation. A few days ago, an American, Richard Bateson, assumed the role of CEO of INTRALOT Inc. in the U.S. and was elected to the Board of Directors of the 100% subsidiary.

A Fresh Start for ELLAKTOR

On Friday, ELLAKTOR announced the convening of an extraordinary general meeting on January 30, with the main agenda being the return of €0.85 per share to shareholders, an amount that is 70% higher than last year’s dividend yield. Inevitably, following the announcement, ELLAKTOR became the highest-performing stock on the stock exchange. It seems the Greek-Dutch collaboration (Holterman-Vardinogiannis) is yielding maximum results, as reflected in the stock’s performance, which has delivered +22.5% over the past month.

Schlesinger of the Strong Mark and Strong Euro

Last Saturday, Helmut Schlesinger passed away at the age of 100. For the vast majority of Greeks, the name means nothing. Schlesinger was the Governor of the German Central Bank for just two years, from 1991 to 1993. However, this brief tenure marked the developments leading to the creation of the single European currency. The strict monetary policy he implemented at the Bundesbank and imposed on the rest of the eurozone led to the exit of the British pound from the European Monetary System in September 1992, effectively creating a major obstacle for the United Kingdom’s adoption of the single European currency, the euro. For many years, Helmut Schlesinger could not set foot in Britain, being considered persona non grata throughout the United Kingdom. Today, he is regarded as one of the guardians of the strong euro.