-Greetings, well let’s agree that it can hardly be called a success that the media, the government, and the Justice system let a new budding “xylolio” case drag on in public opinion for a whole week, creating the worst possible impressions, with rallies being held at Syntagma on the theme that… supposedly “Mitsotakis (this time) won’t let a father exhume his child who was killed at Tempi so he can learn the truth,” and other such monstrous lies. Because now they’re heading toward a new episode of “Xylolio No. 2,” with the exact same script and producers—the same ones who sent close to a million people to Syntagma last spring. Anyway, in any case, I repeat, even with a delay of several days, the Supreme Court simply clarified that the victim’s father has not applied to the courts for the exhumation of his child, and that the judiciary—as everyone understood—will override the legal procedures and allow it, even if it takes 2.5 years until the father requests it—if he ever does. Yesterday we also learned from the Supreme Court spokesman, judge Lymberopoulos, that any further delay in starting the Tempi trial could result in misdemeanors becoming statute-barred. But maybe that well-known little “xylolio gang” simply doesn’t want this trial to ever begin, so that they can maintain a reason for political existence, and of course reap very tangible financial benefits.

Appointment at the Turkish House
-Mitsotakis and Erdogan will meet in the familiar 3×3 format tonight in New York, once again at the Turkish House, where they had also met back in 2013. Last year, they had met hastily, in a dreary little UN lounge; this year we’re going back to more grande settings. Of course, to be fair, we had chosen last year’s location, so this year it’s their turn. With them will be the Foreign Ministers (Gerapetritis + Fidan) and the two diplomatic advisors, Nikolaidis and Kilic. I wouldn’t risk making predictions about the atmosphere, since these meetings usually aren’t set up to go badly. The question is what comes out of this conversation afterward—will we stay in “calm waters,” or will we move into a new round of escalation, given Turkey’s ambitions?

With Christodoulides
-From Mitsotakis’ schedule today, I find the meeting with Christodoulides interesting. Not only because it comes before Erdogan, meaning there’ll be some coordination, but also because they need to sort out the GSI cable issue. Even the Cypriots themselves are speaking in many tongues—for instance, their Energy Minister goes to Israel and talks about the project as if it’s “alive,” while the Finance Minister, with the mythical name Keravnos (“Thunderbolt”), insists the project isn’t viable. Therefore, K.M. wants a political answer from Christodoulides on whether the project can happen or not, since at its core Cyprus is the one most directly concerned.

Major renovation for the “Onassis schools”
-On the occasion of K.M.’s visit yesterday to two “Onassis Schools” in Peristeri, along with Zakharaki and the president of the Onassis Foundation, Antonis Papadimitriou, let me tell you that I was struck by some numbers from the renovation of the buildings. In the two schools, a total of €2 million was invested, with 6,000 m² of indoor facilities, the courtyards, and the outdoor courts all renovated. The schools were repainted, the classrooms are modern, and students and teachers can now have classes under entirely different conditions. Similar investments are also being made in other schools across the country that have been included in the “Onassis” list.

Efimerida ton Syntakton
-I don’t usually comment on, let alone judge, other media outlets, because I respect the viewpoint and editorial policy of a publication. After all, these are private companies, chosen by their reader-customers—whoever wants reads them, whoever doesn’t, leaves them. In the case of EfSyn, of course, it’s definitely good news that it was bought by Dimitris Melissanidis, since as we read, journalists had been unpaid for 5.5 months, so its survival was seriously at risk. Other than that, good luck to them, and let’s always keep in mind the wise folk proverb: “Big bite to eat, but don’t make a big statement.”

Countdown for the National Bank deal
-We still need seven days from today to wrap up September, and the clock is ticking down for National Bank’s announcements regarding its insurance division and new partnerships. The process is in the home stretch—since for days now the improved bids of the five insurance companies have been submitted, i.e. the second round foreseen in the tender process. So barring some dramatic upset, by the end of the month—at the latest early October—there will be white smoke. Market whispers say that National will move forward with agreements with two insurance companies: Allianz for general damage insurance, and NN for the other branches, gaining a significant equity stake in NN’s subsidiary or establishing a joint 50-50 company with NN.

Kalamaria marina again
-The Hellenic Corporation of Assets and Participations (HCAP) is in the final stretch to launch the new tender for the concession of the Kalamaria marina. This is a project that ran into many obstacles, since the previous tender in 2021 was annulled by the Council of State after an appeal from the municipality. HCAP has also secured the environmental permit, and the aim was for the tender announcement to be issued by the end of the year. The municipality, however, remains firmly opposed to the concession’s development plans that include real estate (housing, hotel, etc.) on the marina’s 76 acres of land, so the saga will likely continue.

National Leasing selling real estate in Athens and Piraeus
-National Leasing is putting professional properties worth millions on the market, with some of them even being standalone buildings in central locations in Athens and Piraeus. One such case is a very central office building in Ampelokipoi, over 1,200 m² on Angelou Pyrri Street, with a minimum asking price of €5 million. In Piraeus, at the corner of Kolokotroni and Tsamadou Streets, another standalone retail building is being sold with a minimum price of €2.2 million, while slightly higher, at €2.3 million, is the price for another central property in the port—an independent industrial building in the Agios Dionysios area on Aigaleo and Fokidos Streets. Another standalone commercial building up for sale is in Metamorfosi, at the corner of Kos and Plapouta Streets, with a minimum price of €1.7 million. Since some of these properties have been put on the market before, it’ll be interesting to see if a buyer is found this time. What’s certain is that developer interest in conversions, especially of standalone properties, is a given—since these are precisely the types of assets most in demand by end users/tenants.

Red card from Orban… to Olympus
-The Hungarian Orban government’s firm “no” to the acquisition of the Hungarian dairy company Alfoldi Tej Kft—citing food security reasons—clearly overturns the plans of Fabrica de Lapte Brasov, the Romanian subsidiary of the Hellenic Dairies Group of the Sarantis brothers (Olympus brand), for aggressive entry into a market similar to the Greek one. It also brings to light the role of politics in the crucial agri-food sector, for a deal on which shareholders of both sides had already shaken hands. The Hungarian government’s reaction seems to have stemmed both from fear that a foreign group would control 20% of the fresh milk market, and suspicion that it could create artificial shortages and price hikes by shipping raw material to Romania. A suspicion based on the fact that for some years now, the Sarantis brothers have indeed been buying milk from Hungarian producers for the needs of their Romanian subsidiary…

Waiting on Dodoni – Hungary off the table
-“We had assumed they wanted foreign investments—turns out they don’t!” commented the Sarantis side after the rejection, clarifying, however, that they have no intention of challenging the Orban government’s decision in any way. “We went in good faith—for their good and ours too…,” they note, stressing that the acquisition of the local company, which has been loss-making since 2021, would have opened the way for investments in the plant and an expansion plan of partnerships with local producers, aiming to strengthen Alfoldi Tej Kft’s presence in the Hungarian market. Now all plans are under review, though the same sources explained that Hungary still interests the Group, given that it has about 10 million inhabitants, resembles Greece, and borders Romania, where Hellenic Dairies has a strong presence. “It’s a market within our range,” the sources point out. Beyond that, the Sarantis brothers are waiting for Greece’s Competition Commission to move forward with the acquisition of Dodoni, something they estimate will happen within November.

Sami Fais: Will he give answers?
-The market is waiting with interest on Thursday, September 25, for the announcements—and consequently the answers—that Sami Fais will give to the stock market with his half-year results. The businessman, in whom shareholders who believed in his “second round” on the Athens Exchange have not… fared well, reportedly intends to also present the new plan for the historic Modiano market in Thessaloniki, since up to now that particular venture, to put it politely, hasn’t delivered much. S. Fais agreed with Giorgos and Thomas Douzis, and Ergon House will fully take over the operation and management of this landmark in Thessaloniki. The agreement with Ergon House is not expected to have a major financial footprint, since revenues from this activity don’t exceed 1% of the Fais Group’s annual turnover (about €200 million). However, with the deal, the group secures predictable rental income and simplifies business processes. Instead of managing 25-30 small suppliers and producers, Fais’ management will now work with a single partner of proven effectiveness and experience in managing such spaces. The Group’s capitalization today stands at €159 million—well below the stock market value at which it entered the Athens Exchange last spring.

The Stefanou brothers and their ventures shipping
-Dimitris and Giorgos Stefanou are two brothers who became known to the wider public due to their activity in coastal shipping with the company Golden Star Ferries, which has a fleet of five ships. But they are also very active in ocean shipping, specifically in cargo shipping, with their companies Bright Navigation and Sea Gate Navigation. A few days ago, rumors circulated that they were preparing to enter the tanker sector. My information says otherwise. They have no such intention, at least for the immediate future. On the contrary, they continue strengthening their fleet of bulk carriers. I’ve learned that they recently bought two more second-hand vessels of the Kamsarmax type. These ships are about 229 meters long and can carry up to 82,000 tons of cargo, surpassing the Panamax-type ships. They were designed to carry large volumes of commodities such as coal and other minerals. The Stefanou brothers now have a fleet of 28 bulk carriers, plus five passenger/vehicle ferries.

Risk of losing the game in Piraeus
-In the port of Piraeus they no longer talk only about containers, but about… mines. The European operation “Calypso” uncovered a racket with Chinese products entering the domestic market with minimal or even zero duties, causing damage to state coffers of more than €700 million. The Piraeus Chamber of Commerce and Industry picked up the gauntlet, demanding full investigation, while behind the scenes businesspeople whisper that delays and irregularities cost dearly—and customs has neither the staff nor the speed to keep up. The port’s commercial world speaks of a lack of manpower that paralyzes the Container Terminal, also known as SEMPO. Brussels describes the painstaking checks of containers causing huge delays as a measure of “trade defense,” but in Piraeus they know that controls without reinforcements are just wishful thinking. And while everyone is looking for culprits, the port risks losing its luster as Europe’s gateway.

Pavlos De Gres and the first Belharra
-Yesterday at noon the Propeller Club Port of Piraeus hosted a working lunch in honor of Alkiviadis Stefanis, former Chief of the Hellenic Army General Staff, former Minister of National Defense, and current Governor of Mount Athos. You’ll read details in a report by newmoney. What I can tell you is that the spotlight was stolen by Pavlos De Gres, who showed up. Everyone wanted a picture with him. The theme of the event, just so you know, was geopolitical developments and Greece’s position in the bigger picture. Pavlos showed great interest in military matters and had a discussion with the Fleet Commander, Vice Admiral Christos Sasiakos, under the watchful eye of Kostis Fragoulis, president of the Club, which for 90 years has aimed at strengthening Greek-American ties. When he heard about the delivery and the raising of the blue-and-white flag on the first Belharra frigate on December 19, he asked about the progress of the armaments programs in the Navy and Air Force, and about the reasoning behind the government’s choices of frigates and fighter jets. From the answers he received, he seemed satisfied, and he went on with targeted questions, showing he’s very well-informed.

“Takeoff” thanks to Bally’s
-Intralot had its best session of the past five months, with a double boost from the pro forma figures as if the acquisition of Bally’s had already been completed. The stock climbed yesterday from €1.206 to €1.286, a 6.63% rise, while it reached as high as €1.29 intraday. This is the highest closing price in more than seven years, laying the groundwork for conquering the €1.3 mark for the first time since March 2018. Trading volume exceeded €6.5 million. Only the systemic banks, Bank of Cyprus, and Metlen had higher turnover. In addition, 5.23 million shares changed hands, with Eurobank and Alpha Bank the only ones surpassing that figure. Gains since the beginning of this year are above +22.7%, and the company’s market capitalization now touches €776 million.

A game for grown-ups: Intralot’s new bond
-The interest rate of Intralot’s bond will be a bit over 7%. It’s aimed mainly at foreign “specialized institutional investors,” that is, managers who fully understand the risks as well as the prospects of the venture. Intralot’s management has secured a €660 million loan and has now launched the bond issue process of €850 million. The loans and bond proceeds will be used to finance the Bally’s acquisition. At the same time, next week begins the process of the share capital increase, which will be carried out in combination with an offer to institutional, private (new) investors and existing shareholders. Participation of existing shareholders is optional and will be structured in a way that won’t cause value dilution. The key point is that everyone knows exactly what they’re buying—and why…

We did pretty well yesterday
-At the close of the Athens Stock Exchange (with the General Index +0.6% at 2,042.63 points), the major exchanges in Paris, Frankfurt, and New York were under heavy pressure from sellers wanting to lock in profits ahead of the “cursed 39th week of the year.” Trading value in Athens was low throughout most of the session, but in the last hours it thickened and rose to €195.77 million, of which €20.3 million were block trades. The country’s four systemic banks took matters into their own hands, especially ahead of the interim dividends they’ll be distributing. National Bank rose to €12 (+2.52%), Piraeus (+2.78%) to €7.1, Alpha (+2.17%) to €3.43, and Eurobank (+1.38%) to €3.3. The other banking stocks didn’t join the party, while among the heavyweights PPC (+1.21%) at €14.24 did its duty without, however, dragging other blue chips upward.