The time is counting down for the extraordinary general meeting that Europe Holdings has convened for March 6, on the issue of authorization to the Board of Directors for the capital increase and the share buyback.

According to company sources told BnB Daily, in the next phase, the company will proceed to complete the acquisition of Europe Insurance after the necessary approvals have been given. In particular, the relevant decision from the Bank of Greece is pending. The AMK is expected to move at the level of €56 million and essentially marks the entry into the insurance sector. 

STRATEGIC MOVE

In essence, the share capital increase completes the creation of a group resulting from the merger of Intracom Properties with Klukinas-Lappas. The move is strategic, as according to the same sources, the insurance sector in Greece creates great opportunities for growth, as shown by the discussions between Ethniki Insurance and Piraeus, as well as all the previous deals of the past years. 

MILESTONES AND FIGURES

The same sources tell BnB Daily that the whole deal is expected to be completed by May, and the new company, within two years, expects to be profitable to the tune of €25m. The new capital, apart from the real estate, which will be provided by the Kokkalis group, will be close to €80m.The value of the real estate exceeds €121m, and the return on equity is expected to exceed 20%. 

THE INSURANCE COMPANY

Europe is licensed for all lines of business in general insurance, but its main activity is concentrated in the property sector, where it specializes in the insurance of large industrial, commercial and financial risks, and in the transport insurance sector.

THE SHARE BUY-BACK

With regard to the buyback, the AGM will be proposed to acquire treasury shares up to 10% of the company's shares (including the treasury shares held by the company at any given time), at a price range of €1 to €2.5, for a period of 24 months, effective from 6/3/2025 to 5/3/2027.