Athens Airport Stock Market Listing in the Pipeline

Athens International Airport (AIA). Photo source: HRADF

Draft legislation tabled in parliament last week paves the way for the listing of Athens International Airport (AIA) SA on the Greek stock market, the finance ministry announced.

The bill ratifies a memorandum of understanding signed by shareholders last year paving the way for Germany-based manager AviAlliance to acquire a further 10 percent stake, with the Hellenic Republic Asset Development Fund’s remaining 20 percent share to be sold through an initial public offering (IPO). The public offering will range between 550 million and 600 million euros.

Last September, Finance Minister Kostis Hatzidakis had told a press conference that the listing will take place at the beginning of the year.

AIA SA shareholders will be invited to an extraordinary general meeting on January 12 to discuss and decide on issues concerning the company’s listing.

Shareholders in Greece’s largest airport include the Hellenic Corporation of Assets and Participations (25 percent), the HRADF (formerly TAIPED, 30 percent), Canada-based insurance fund PSP Investments subsidiary AviAlliance Gmbh (40 percent + 60 shares), and Copelouzos Group (5 percent – 60 shares).

AIA currently employs more than 16,000 people in over 370 companies making it one of the country’s largest employers.

Approval is expected by the end of the month. Stock Exchange management hopes that AIA’s listing will further stimulate domestic and foreign investor interest.