AEGEK is now counting down as this week, namely Friday, April 21, the curtain is expected to “fall” on its presence in Athens Stock Exchangethree decades after the introduction stock once mighty construction company on the dashboard.

Based on the decision of the Market Operations and Imports Committee of the Stock Exchange, the company’s shares will be permanently delisted on April 21, as the company’s management has indicated that there is no prospect of reviewing its shares, which have already been suspended since June 2020.

Preceded by other suspensions of trade, for example. in 2017 and 2018 because the company was unable to publish financial results, which was repeated at regular intervals.

In recent years, the company’s management has been conducting selective asset sales, mainly real estate and land plots to serve at least part of the obligations. Among other things, in the summer of 2022, offices in Thessaloniki were transferred in the amount of 1.25 million euros, as well as a loin area in Elafonissos in the amount of 1.75 million euros.

In 2020, Alfa Bank, which is also AEGEK’s most important creditor, sent extrajudicial documents with which it paid off overdue debts totaling 186 million euros.

It is worth noting that at the end of 2016 the company announced a negative equity of 163.6 million euros.

In recent years, he has embarked on a selective sale of assets to pay off at least part of the obligations.

In fact, the “end” for AEGEK came 10 years ago, in 2013, when its construction subsidiary AEGEK Construction was taken over by Aktor for the symbolic price of one euro. In the same time, Actor then also spent 200,000 euros to purchase 4.99% of the share capital of AEGEK. The move marked the end of a decades-long process of steady decline for one of the nation’s top five construction groups in the early 2000s, when tech company mergers were forced to secure the conditions to retain the top seven rank. diploma. In most cases, these mergers were hasty, often without the will of the main shareholders of the companies, and created much more problems than they were supposed to solve (by reducing the number of companies and strengthening their financial position).

AEGEK’s problems began shortly after the 2004 Olympics, when it became clear that the volume of commitments would be difficult to handle. In 2006, the total liability reached 566 million euros, and at the end of 2007 fell to 224 million euros, which was again considered excessive. Finally, in 2008 and under pressure banks and her Alfa Bankmajor shareholders (who in the meantime have pledged their shares to pay off debts), Mr. Sp.

Successive attempts are being made to rescue AEGEK through strategic investors, first the Indian DS Constructions and then Mr. Yiannis Maroulis, who previously controlled the construction company Ionios SA, with a 6th grade diploma. In 2009, it seemed that the company could win the bet on consolidation, having low debt and hitting several projects, albeit at large discounts.

However, the economic crisis and the subsequent recession became an insurmountable obstacle for Mr. Marulis, as a result of which, just three years later, in 2012, Marulis’ side pledged their shares in AEGEK.

The company has implemented a metro project in Thessaloniki, as well as a number of road projects, incl. Aktio – Amvrakia, which was never to be completed.