Hello, the days are holy and festive and people’s mood turns to the weather, which will be quite good, though not perfect according to meteorologists, to strolls and of course to the Easter lamb. Yes, indeed, everything is more expensive than last year, but forgive me, I’ve been hearing this standard cliché “everything is more expensive this year” since 1985 when I entered journalism. We also hear that “traffic in the market is down this year,” but if that were the case, adding up the percentages we would end up below zero—something that simply doesn’t happen. Otherwise, I think yesterday we got a better taste of the OPEKEPE case files, two of those that reached Parliament concerning ND MPs Chatzivassiliou and Athanasiou. “We sent the two cases to the Greek prosecutorial authorities because European financial interests were not harmed,” the European Public Prosecutor’s Office said. So really, whichever “European prosecutor” studied Athanasiou’s case didn’t see that the MP asked about the scoring of a livestock farmer, OPEKEPE’s Melas told him “the system is closed,” and that’s where it ended? Why was it sent for investigation, tarnishing an MP’s name? Something similar happened with Chatzivassiliou. Lawyers tell me such exaggerations—or similar ones—also exist in European cases referred for lifting immunity of political figures, but let’s wait and see.
The misfortune
-Since I’m on the case of Chatzivassiliou, let me tell you a tidbit. It had been strongly rumored lately that in the corrective reshuffle to take place due to OPEKEPE, the injustice in his case would be remedied and he would re-enter the government, given the trust K.M. has in him. After all, as Secretary of International Relations of ND, he accompanies him in all his contacts. However, this somewhat ridiculous case file came along and the decision was shelved, as Chatzivassiliou now has another issue.
Turbulence in the Parliamentary Group
-However, the lifting of immunities, the handling of the situation combined with the announcements about changes to the electoral system, with all this vague talk about incompatibility between ministers and MPs, made things… a bit like summer turmoil in the blue Parliamentary Group. Mitsotakis himself somewhat calmed things down the other day regarding the case files of his ministers and MPs, but he himself put on the table the discussion about all these nice institutional matters, which, however, neither happen without constitutional change nor, as they were presented, point to any specific electoral system. In any case, yesterday Marinakis also came out and said that the preference vote is not being abolished (since only then would incompatibility make sense), and I think the discussion is over for now.
And what about Dendias?
-I also asked my (absolutely reliable) source about Dendias and his supposed διαφοροποίηση on the issue of lifting MPs’ immunity, that is, that he would not go to vote to send a message of support to his tested colleagues. I got the answer: “Nikos was out of Greece for a very happy event (he welcomed another grandchild) and was briefed in detail about what was happening in Athens the day before yesterday. How could he not vote to lift the immunity of an MP who himself publicly and clearly requested it from the very first moment? Dendias always acts institutionally and in an orderly manner; he is a minister of the government. Moreover, the country is currently in an unstable geopolitical environment with war, and he is the Minister of National Defence. He doesn’t make such moves.” I think that’s clear and expected from Dendias’ style and way of thinking.
Meeting on adequacy
-As things in energy are starting to get tight, Papastavrou and Tsafos are today calling market players, institutional bodies and companies, to look at availability and the smooth electricity supply of the country ahead of Easter, as well as to assess the impact of the ongoing crisis in the Middle East. Behind the polished wording, note the market’s concern, despite assurances that thanks to RES we are in a better position this year than others. I hear invitations have gone out to Helleniq Energy, MOTOR OIL, RAAEY, ADMIE, DEDDIE, DESFA, PPC, DEPA, METLEN, TERNA, AKTOR/Atlantic See and GASTRADE.
Changing the agenda with a digital cut-off
-In any case, it is clear that Mitsotakis wants to change the discussion and move away as much as possible from the OPEKEPE case, also with the Easter tables in mind. I hear that today the digital cut-off for social media concerning children under 15 will be announced, with a legislative framework similar to that of France and Australia, pushing digital platforms to check much more strictly—using artificial intelligence—the real age of users. This intervention had also been polled by the Maximos Mansion and had huge, cross-party appeal among parents.
Alpha Bank – Alpha Trust
-A success for Alpha Bank and V. Psaltis is the agreement for the acquisition of Alpha Trust announced yesterday. With around €700 million in private banking and an additional €1.5 billion under management, Alpha Trust was the holy grail of asset management in the Greek market. It is no coincidence that National Bank, Eurobank and Piraeus Bank had also approached it. The first approach for Alpha Trust’s acquisition by Alpha Bank had been made by Yiannis Kostopoulos a few years after its founding, because he wanted the brand name, which had been registered by Phaedon Tambakakis in 1987, when Alpha Bank was still Credit Bank. Kostopoulos’ offer is said to have been financially attractive, but Tambakakis did not accept it. Sources of the column say that Tambakakis and Chris Aesopos have committed to remain in the company for at least three years.
A new sign on Athinon Avenue…
-Two workers on a ladder and a logo being mounted on Athinon Avenue. Euronext is no longer just a stamp on the documents of the Athens Exchange; it is now big letters on the wall. Those who went yesterday morning to the Exchange for Andromeda’s presentation at the Institutional Investors Association may have been disappointed not to hear any comment or detail about Alpha Trust’s acquisition by Alpha Bank, but they saw the market’s change in practice. A week ago, with 79.2% shareholder participation, the Extraordinary General Assembly of ATHEX unanimously approved its renaming to “Euronext Athens Holding S.A.” Along with the new name came a new statute with a smaller board, digital meetings, and alignment with the group’s other markets. Beyond the building’s façade, major changes for investors, listed companies and market members will gradually become visible from the end of 2026, when systems will be transferred to Euronext’s platform.
… and the hefty bill of Euronext Athens for brokerage firms
-Investors who recognize the Euronext logo in Milan or Amsterdam will now recognize it in Athens as well, but along with it comes a hefty bill to be paid by brokerage firms. The reason is that Euronext Athens will discontinue all services that ATHEX provided to brokerages. Brokerage firms have already received notice that from this coming October Euronext Athens will stop providing them with share prices. Therefore, they will have to reach agreements with providers. Also, data for reporting a range of regulatory obligations (such as ARAs, market abuse, etc.) will no longer be provided. Brokerages must purchase their own software to meet these obligations, some of which are very costly. In addition, firms working with institutional clients and wanting direct access to trading rather than via the internet will have to install equipment in picturesque Bergamo, just 40 km from Milan. Besides the significant cost, brokerages face a technological labyrinth to rebuild their systems from scratch to remain competitive. They must comply by June 2027, when the Athens Exchange is scheduled to move to Euronext’s platform. As is obvious, by then private brokerages must answer the dilemma: collective merger or shutdown.
What are the Hungarians doing in Fourlis?
-Within less than a month, Quest Holdings increased its stake in Fourlis from 5.05% to 10.53%. The official narrative is known: a vote of confidence in strategy and prospects. At the same time, alongside Quest, we saw Hungarian Hold Alapkezelo systematically increasing its position in Fourlis to over 10%. According to market sources, this move triggered reflexes in management. When a foreign fund starts quietly accumulating strength in a stock, major shareholders start looking for an ally in the shareholder base. Vassilis Fourlis has such an ally, Theodoros Fessas, who obviously does not make such an investment driven solely by friendship. Some in the market believe that since the two listed companies are major shareholders in respective REICs (BriQ Properties and Trade Estates), perhaps their shareholder relations will extend into real estate. In any case, Quest strengthened its position in Fourlis, and on the stock exchange, 10% is a statement of intent. In yesterday’s conference call, no details were given as to what that intent exactly is. If Fessas’ stake increases further—as rumored—the matter becomes more serious.
Fessas’ deal in energy
-And since we’re talking about Fessas, it should be noted that while investing in Fourlis, he is also divesting from a number of activities of his group. Besides ACS, which is in the process of being sold, Quest Group—put politely—is reassessing the weight of its presence in the energy market. Specifically, its subsidiary Quest Energy sold a large part of its portfolio of photovoltaic plants in full operation, with a total installed capacity of 36.7 MW across various regions of Greece, for €36 million after net debt adjustment. Management states that this move is part of a strategy to rationalize the energy portfolio and strengthen liquidity. At the same time, another subsidiary, QUEST Energy Real Estate, completed a smaller acquisition of photovoltaic plants with a total capacity of 4.2 MW in Attica for €3.5 million. As a result, the consolidated 2025 results announced yesterday include an impairment of €2.9 million related to the sale of the photovoltaic parks. Given that most parks were sold last year as part of the divestment, management expects Quest Energy’s figures for 2026 to be 90% or more lower compared to last year.
Allwyn’s dividend
-Within a week, Allwyn’s share recovered a month’s losses in a period full of major developments. From today, the share trades ex-dividend, shortly after the successful completion of the merger between Allwyn International AG and OPAP, which created the second-largest listed gaming company globally. The dividend amounts to €0.80 per share from the share premium account, with the option of reinvestment through a scrip dividend. The issue price of new shares will be determined by the average of five sessions from April 20–24. In November 2024, an interim dividend of €0.50 had been paid, bringing total distribution to €1.30 per share. From 2026, management has committed to a minimum annual dividend of €1 per share, with the option of scrip dividend and consideration of extraordinary dividends or share buybacks.
Why Hellenic Defence Systems is seeking investors
-With the defence industry now firmly in the spotlight, companies in the sector—and beyond—are trying to secure as large a share as possible of the capital flowing into the market. Among them, Hellenic Defence Systems (EAS), the group formed from the merger of PYRKAL and EBO, has entered a phase of restructuring and growth restart, aiming to reposition itself on the defence industry map. In this context, the company has convened an extraordinary general meeting scheduled for the end of April, with a particularly interesting item on the agenda: the approval of launching a tender to seek investors to finance and upgrade equipment and facilities related to shell and cartridge production, and to transfer the relevant activity to EAS’s plant in Aigio, the company’s only facility outside Attica. It should be noted that EAS has already entered into a strategic partnership with the Czech group CSG (Czechoslovak Group) to produce large-caliber ammunition at its Lavrio plant, a €50 million investment co-financed by the EU through the ASAP program. The defence group CSG, owned by Michal Strnad, aims to replicate in Greece the success story of the Fábrica de Municiones de Granada (FMG) in Spain, where it invested in 2020 and within four years tripled its workforce, expanded production, and significantly increased revenues and profits.
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