The Growth Fund is in the process of transformation, as it is being promoted to become a public investment fund, along the lines of large European sovereign wealth funds, said Grigoris Dimitriadis, the managing director of the Fund. According to BnB Daily, the relevant bill is expected to be passed before Parliament closes for the summer.

Then the most immediate projects will be run, which will be:

• The redevelopment of Helexpo TIF
• The tender to find a strategic investor for the Hellenic Salt Works.
• The concession of the airport in Kalamata, with Demetriades revealing that the Yperti Fund will retain a 10% shareholding "to ensure that things go well and create value for all of us".

At the same time, the Growth Fund is working with various consultants in the concession process for the remaining 22 regional airports in the country.

The new investment fund that will be created will be geared towards sustainability, with the aim of becoming a serious sovereign wealth fund. Μr. Dimitriadis added that the management of the Super Fund has been working for three years with similar funds abroad, which helped convince the European institutions, and now the next step is being planned in cooperation with the Ministry of Finance.

SALT WORKS

Specifically with regard to Hellenic Salt Works, Anthi Trokoudi, Director of Communications & Sustainability, said that by the end of 2024, the tender is expected to be completed and the strategic investor is expected to emerge, adding that interested parties include companies operating in Greece and Cyprus. According to Ms Trokoudi, "the question is which investor model will prevail. Will it be a company that operates in the FCMGs sector or will it be a company that produces salt?" She added that the aim is for Hellenic Salt Works to strengthen its momentum by gaining access to new markets and developing new products, while careful consideration will be given to whether it makes sense to enter retail or whether it should expand further into B2B. In any case, the State Treasury will retain a shareholding (as will the municipalities), but the investor should have a strong stake.

Finally, where there is potential to expand the production capacity of Hellenic Salt Works, the Superfund is in discussions with relevant ministries for the issuance of permits.

PROFILE

The portfolio of the Supra Fund includes its subsidiaries and holdings in public undertakings, which are active in key sectors of the Greek economy, such as

• Real Estate: the Real Estate Development Fund of the Public Sector (DAIPED), the Public Real Estate Company (RTAD), GAIAOSE, ETVA-VIEPE, and TIF HELEXPO
• Energy: PPC
• Transport and Infrastructure: El. Venizelos Airport, Athens Transport Group, AEDIK, 23 Regional Airports
• Food Supply: KATH, OKAA, and Hellenic Salt Works
• The Technology: FAISTOS Fund
• Postal Services: ELTA Group

The value of the portfolio managed by the Growth Fund currently amounts to €5.5 billion and the total number of employees in its companies exceeds 25,000.