Filaretou retired
After 40 years of a rich career at Alpha Bank and after 20 years of presence on its Board of Directors, Spyros Filaretos is reportedly preparing to retire at the end of the year from the position of Executive Member of the Board of Directors of Alpha Services and Holdings . . In 2018, Mr. Filaretos together with Vassilis Psaltis claimed the position of CEO of the bank. But their joint candidacy did not strain their relationship. Recognizing his experience and talent, Mr. Psaltis made full use of Spyros Filaretos. First as Chief Operating Officer and then as Head of Growth and Innovation, a position he has held from 2020 to the present day. After all, innovation is what Spyros Filaretos brought to Alpha Bank as Deputy General Manager and General Manager. Indicatively, the distant 1995 was the one that started the cooperation of Alpha Bank with American Express in the Greek market, in the area of issuing and accepting cards. What has not been clarified is whether Mr. Filaretos will remain a member of Alpha Bank London Ltd, although it is considered almost certain that he will remain on the Board of the Alpha Bank Cultural Foundation, as well as the Efstathia I. Kostopoulos Foundation.
BriQ and ICI discount
The merger of Intercontinental International (ICI) with BriQ Properties will significantly strengthen BriQ’s presence, adding valuable properties to its portfolio and expanding its capital base. As part of the deal, each share of Intercontinental International will be exchanged for 1,194 new BriQ shares, based on the Net Asset Value (NAV) of both companies. BriQ Properties has a NAV per share of €3.12 and Intercontinental International has a NAV per share of €3.86. Compared to their current market capitalization, Intercontinental International is at a discount of approximately 38.86% to NAV, while BriQ Properties is at a discount of 36.22%. Simply put, this discount means that the companies’ shares are trading at prices lower than the true value of their assets, which offers potentially attractive investment opportunities.
The triple blend with MED
The company MED, listed on the Alternative Market of the Athens Stock Exchange, Manufacture of Underwear, Swimming, Commercial SA, has made an important strategic move through the merger of three companies. In particular, MED took on the companies ONYX Agrotourism, Green Hope SA and Aganor Monoprosopi IKE.
Extraordinary General Meetings of the shareholders of the companies involved approved the merger and all necessary measures were initiated. According to the valuation reports prepared to complete the merger, the net worth of MED Garment Manufacturing is 8.78 million euros, the net worth of ONYX Agrotourism is 38.54 million euros, the net worth of Green Hope is 2.17 million euros and so on. Aganor Monoprosopi IKE is 1.49 million euros. The total net worth of all the merging companies is 50.99 million euros. This move strengthens MED Garment Manufacturing’s capital base and provides new growth opportunities in various market sectors, which could attract investor interest in the Alternative Market.
Rise of Greece
The Ministry of Development has approved a grant of 470,000 euros for the National Program of Young Rising Businesses in Greece. This decision comes at a time when 789 companies are registered in the Registry, and the process of updating their details is underway. Funding of 470,000 euros is also coming with the introduction of the new Golden Visa program, which will be in force from January 1, 2025. This program provides for the granting of a residence permit to investors who invest at least 250,000 euros in start-ups that are registered with him. Rise of Greece. The joint implementation of these two initiatives aims to strengthen the Greek startup ecosystem, offering direct funding from the state on the one hand and the possibility of attracting foreign investment on the other.
Competition in slices
The Competition Commission has decided to map the competition between branded and private label chips during the period February 2023 – June 2024. The result? Branded slices saw a slight decline, with sales falling from 85% to 79%, while private label slices gained ground, increasing sales from 15% to 21%. This trend is found to be more significant during periods such as Easter, Christmas and summer, when demand rises. The report compares Greece with other European countries in terms of FMCG private label sales value. As mentioned, Greece is low in the consumption of private label products, with a share of 23.9%. In comparison, Switzerland tops the list, with an impressive 51.8% share. This means that more than half of consumers in Switzerland choose private label products over branded products.