February 3, 2023

Athens News

News in English from Greece

Hellenic Aerospace Industry is looking for a strategic investor

The Greek Ministry of Development and Investment on Monday launched the process of searching for a strategic investor to participate in Hellenic Aerospace Industry SA with a stake of up to 49%.

The Ministry invited the largest aerospace enterprises of the NATO alliance to show interest in the procedures until February 10. The privatization process started last week Hellenic Aerospace Industry (HAI), a public aviation defense contractor in Greece. According to the announcement, the Mitsotakis government is looking for a strategic investor who will participate in the equity capital of HAI with a 49 percent stake.

Interested and eligible companies and consortiums must submit their declaration of interest by February 10, 2023. According to media reports, invitations were sent out to four or possibly five large companies operating in the aerospace sector. One of the criteria was an annual turnover exceeding five billion euros.

True to its campaign promise to privatize or partially privatize a number of state-owned concerns, Mitsotakis’ centre-right government envisages splitting HAI into two companies, one of which will retain assets and infrastructure, while the other will be transformed into a wholly commercial enterprise. A 49 percent share affects the latter.

In fiscal year 2021, the latest in which results were released, HAI posted a profit after taxes of €1.5m compared to a loss of €18.7m in 2020. Turnover reached 74.8 million euros in 2021 compared to 49.1 million euros in 2020, an increase of 52.2 percent. FROM.

PS In fact, the transfer of shares to the “Strategic Investor” of the most important state-owned company in the defense sector means another decrease in the country’s independence.

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