Good day! Presidential day today. It’s highly likely that after his meeting with President Sakellaropoulou, K.M. will announce (probably via an address) his proposal for the new resident of Herodes Atticus Street. Don’t expect news from me because I’ve already written everything I know since yesterday. Tasoulas remains the firm favorite, while Venizelos seems to be “out of the running,” as even a former PASOK member now close to K.M. tells me, “Vangelis is a power pole, and we don’t want that—we don’t want dual leadership.” As of last night, however (I wasn’t there, nor do I listen in on phone calls), nobody knew what Mitsotakis would do—not those on the shortlist, nor, of course, the M.M. However, there is an indication that we’re heading towards Tasoulas, as some sources suggest that Nikitas Kaklamanis has been informed he’ll take the position of Speaker of Parliament, which logically means he won’t be running again in Athens’ First District.

K.M.’s Travels

Now that the presidential speculation is being settled so we can move on with our lives, let me tell you that February will be a month full of international commitments for K.M. First, on February 3rd, there’s the informal retreat of European leaders—those new meetings introduced by European Council President António Costa—focused on defense, held at a castle outside Brussels. On February 14th, Valentine’s Day, Mitsotakis heads to Munich for the Security Conference, and on the 19th, he’ll be in Rome for an Intergovernmental Meeting with Meloni. I’m told that within February, there will also be a summit in Paris organized by Macron, focusing on artificial intelligence.

The Ankara Meeting

I see that the Turks are once again bringing up the issue of Greek islands, and I understand that, generally, we’re not exactly on the best of terms with our neighbors—despite ongoing efforts in the realm of “low politics” to improve bilateral cooperation. I also gather that the High-Level Cooperation Council, which was supposed to take place in Ankara during the first quarter, keeps getting pushed back. January was a no-go, and now efforts are being made for February, though it’s not out of the question that the meeting could slip into March. Overall, unless Gerapetritis and Fidan step up the preparations, things will remain somewhat delayed.

Key Projects in Attica Emerging from “Deep Freeze”

Over the next period, proposals submitted by major construction groups for large-scale and critical projects in Attica are expected to emerge from “deep freeze.” The Infrastructure and Transport Ministry is paving the way with the model of Standard Proposals—an alternative tool for financing projects in the absence of national and European resources. The government has revised the institutional framework for Standard Proposals, and the relevant regulations were presented by Infrastructure and Transport Minister Christos Staikouras at last Thursday’s Cabinet meeting. The new framework, introduced by the previous government in 2022, has been eagerly awaited for months by the construction market—especially large contractors who have already submitted significant proposals, such as extensions to Attiki Odos (jointly proposed by GEK TERNA, AVAX, and AKTOR Concessions) and the creation of a new highway connecting Elefsina with Oinofyta (a project proposed by GEK TERNA), with a total value of around €2 billion. Under the new framework, focusing on PPP and concession projects, a private entity submits a proposal for a project, which they study and prepare. Then, a tender follows, and if the final contractor is not the one who prepared the proposal, the winner is required to reimburse the proposer for the preparation costs.

What Changes Were Made to the Framework

Under the new framework, standard proposals will align with large-scale projects over €200 million. The ministry’s changes to evaluation committees for these proposals ensure that political leadership figures—initially included—will no longer participate. Instead, purely administrative officials will be involved, and an electronic platform will be established for submitting proposals, including provisions for fees and refunds if a proposal is rejected. However, the process is not straightforward, as the state will need to decide while keeping in mind that PPPs will impose availability payment costs for years, while concessions will entail new tolls. Beyond the two previously mentioned proposals (one stalled for 1.5 years and the other since December 2023), there were past reports of other major groups flirting with the Standard Proposals framework.

Titan’s U.S. Endeavor

As previously stated by the Group’s management, the IPO of Titan’s U.S. subsidiary is expected to take place within the first quarter. Titan America, with $1.6 billion in sales, has filed for an initial public offering, which will include a primary offering by Titan America and a secondary sale by Titan Cement International SA. Citigroup and Goldman Sachs will act as lead coordinators for the process. Titan America operates in the fast-growing major economic regions of the U.S. East Coast, with a strong presence and leadership in Florida, the Mid-Atlantic states, and the New York/New Jersey area. Recently, Bloomberg reported that the goal is to raise at least $500 million through the sale of a minority stake (25%) in Titan America on the NYSE. The listing comes at a time when more European companies are planning IPOs in the U.S., with President Trump having announced that the goal for the U.S. capital market is to increase (and facilitate) new listings on the NYSE.

Eurobank’s Highs

Bank stocks continue their upward trajectory, fueled by strong credit expansion trends and the robust profitability expected in 2024, which will translate into increased dividends, combined with the accelerated DTC amortization plan. Eurobank is now at a 9-year high, returning to price levels last seen in November 2015. National Bank, which had reached €8.52, has stabilized around €8. Alpha Bank remains close to its €1.78 highs, while Piraeus Bank, after many months, has returned above €4, where the placement took place, climbing as high as €4.19.

Sky Express: Open Call to Volotea Staff in Athens

Sky Express is seizing the strategic decision by Volotea to close its Athens base to strengthen its own team. Shortly after the announcements by the Spanish airline—15% of which was recently acquired by Aegean Airlines—Sky Express posted on LinkedIn an open invitation to Volotea staff in Athens to submit their CVs and fill its open positions. “To everyone at Volotea’s former Athens base: You’re not alone. We’re here to welcome you to an airline that values its people and their potential,” the message reads, among other things.

Sunlight canceled, ElvalHalkor secured €46 million

The Innovation Fund is an independent organization of the European Commission operating under the supervision of the Directorate-General for Climate Action (DG Clima). It collects funds from emissions trading rights and distributes approximately €4 billion annually in grants to European businesses making innovative investments that contribute to the decarbonization of industrial production. In 2024, 340 European companies applied for grants, requesting a total of €16 billion. Ultimately, 85 proposals worth €4.8 billion were approved. Among these was a €245 million grant to Sunlight for a lithium battery gigafactory in Kozani, which will no longer proceed as the Olympia Group sent a letter to the Innovation Fund stating it would not move forward with the investment. This Greek investment would have been the second-largest project funded by the Innovation Fund, after ArcelorMittal, a steel industry giant that secured €267 million. The Greek company ElvalHalkor secured €46 million, while in 2023, Motor Oil, AGET Heracles, and TITAN were funded by the Innovation Fund. Ultimately, the major factory in Kozani, which would have created 2,000 jobs, will not go ahead. However, there is significant funding available for decarbonization, and the Innovation Fund awaits new investment plans to finance.

Intralot: The $5 million settlement in Washington and favorable exchange rates

“I don’t accept any responsibility, but here’s $5 million to avoid court.” That’s the settlement Intralot Inc. reached with Washington’s regional government through the Attorney General’s Office, determining that litigation costs would exceed the settlement amount in a civil dispute over subcontractor claims related to a 2019 gaming contract. The path in the U.S. hasn’t been as smooth as the market had anticipated for Intralot, but over the past month, the company’s stock has shown discreet yet steady growth, registering an 8% increase. Analysts following Intralot suggest that the second half of 2024, especially the final quarter, improved revenues and boosted stock ratios due to favorable exchange rates and revenue from the U.S., Turkish, and Argentinian markets, strengthening the company’s bottom line. Its market capitalization reached €656 million.

Market: Conditions of uncertainty

The market is frozen—not from the cold but from uncertainty about developments. It awaits news on the new U.S. leadership, interest rates, and geopolitical events. Just like major markets abroad, Athens’ General Index has no desire to drop but is hesitant to rise beyond what the uncertain conditions allow. Yesterday, with transactions totaling just €116.9 million (€15.6 million in block trades), the General Index closed at 1,493.11 points (+0.19%) but lacked the momentum to conquer the 1,500-point barrier. TITAN celebrated the official launch of its U.S. journey with a new historic high of €41.5 (+3.49%). Meanwhile, in Thessaloniki’s port, the Swiss failed to garner significant interest for their public tender offer. On Monday and Tuesday, they managed to gather about 2.3%, far from their 21% target. The stock of OLTH rose to €27.3 (+1.11%), signaling that some are defending their stakes. The only hope for the Leonids Port of the Dreyfus family is an agreement with TAIPED (holding 7.27%) or certain institutional managers (4.5%). Naturally, there’s still plenty of time for developments at OLTH. The market’s surprise came from Eurobank, which, with transactions worth €10 million, climbed +2.06% to €2.33, helping the Banking Index reach 1,349 points, which in turn contributed to the General Index’s positive trend. Attica Bank, with +2.6% at €0.79, and ADMIE, with +1.28% at €2.76, were among the day’s winners.

The revolution of common sense in Rhodes

Rhodes was one of the first areas in Greece to have a Land Registry—dating back to the Venetian era. Since then, not much has changed in the way property transfers were recorded. Using calligraphic handwriting, tracing paper, and pencils, property boundaries were noted, often with all manner of conceivable and inconceivable manipulations. Up until the final day of 2024, Rhodes’ Land Registry didn’t even have a computer. Now, everything is changing. Starting next Monday, all transactions at the Land Registry Office of Rhodes will be conducted digitally, using modern tools provided by the Hellenic Cadastre. Additionally, under the directive of the Ministry of Digital Governance, the approximately 60,000 pending property transfer cases—some dating back to 1940—are to be resolved within a reasonable timeframe, bringing order to the chaos.