The countdown has begun for the creation of Europe Holdings, as Intracom is reportedly working feverishly to get everything ready. The first stage has already been completed, with the registration of the merger documents of KLM and Intracom Properties and the contract with the General Registry of Commerce and Industry, while the Ministry of Development has approved the procedure and amendments to the articles of association. 

Intracom's entry into the insurance sector, through Europe Holdings, is pending approval by the Bank of Greece. According to company sources told BnB Daily, the venture will be completed in early 2025, followed by an AMC of around €56 million in the first quarter of the new year. The goal for the new entity that will be created, according to the same sources, is to record profitability of more than €20 million in its first two years of operation. 

FOCUS ON ASSETS

The new company is licensed to provide insurance services, but the group's focus is different. Namely, in property and large industrial, commercial, and financial risk insurance, logistics, and transport insurance. This is because these insurances generate significant cash flow, and the above sectors are expected to record significant growth in the near future. 

INVESTMENT VEHICLE

The investment vehicle for the plan is Klukinas Lappas, which will become Europe Holdings after the absorption of Intracom Properties. The ratio of old to new shares will be for every 1 share in Properties, approximately 0.93 shares in listed Europe Holdings.